470 Manhattan Avenue: Leasing launches on Williamsburg-Greenpoint apartments on the heels of affordable lottery

By CityRealty Staff | From Brooklyn Friday, May 8, 2020

Rendering of 470 Manhattan via Heatherwood Luxury Rentals

At the intersection of Williamsburg and Greenpoint, developer Heatherwood Luxury Rentals combined four lots for the construction of a new rental building at 470 Manhattan Avenue. Construction has topped out at eight stories high last year, and the two-toned brick facade seen in a rendering is consistent with and respectful of its neighbors. While it is still too soon to say when New York will reopen, this building is progressing at full speed: Not two weeks after an affordable lottery went live, a virtual leasing launch has commenced for market-rate units.

Interiors via MNS

The market-rate rentals start at $2,857/month for studios, $3,457/month for one-beds, and $4,634/month for two-beds. All prices are net effective to reflect one month free rent for the first year. Even with the concession in place, it is well above the Greenpoint median rents of $2,500/month for one-beds and $3,775/month for two-beds (all figures per CityRealty listings). Prospective renters may schedule a virtual tour on the building's website.

Of the 31 studio through two-bedroom units in the lottery, 21 range from $1,288-$1,638/month and have been set aside for individuals and households earning 80 percent of the area median income ($49,543-$98,240). The remaining 10 from $2,236-$2,856/month have been set aside for individuals and households earning 130 percent of the area median income ($76,663-$159,180). The deadline for everyone to apply is June 29, 2020, and further details and criteria can be found here.

Lottery criteria via Housing Connect

All residences feature oversized windows, in-unit washer/dryers, and baths with custom vanities and custom fittings and hardware. The kitchens come equipped with quartz countertops and stainless steel GE appliances. Select units will have private terraces.

Amenities will include a lounge, gym with yoga area, business center, virtual doorman, bike room, package room, and roof deck with amazing skyline views. Permits also call for 41 parking places, and the Nassau Avenue G subway station is a short walk away.

McCarren Park via MNS

Indeed, 470 Manhattan’s most highly coveted asset may be its Brooklyn address, right across the street from McCarren Park. Current and future Brooklynites will be happy when the pool, skate park, and sports courts can reopen; until then, the park remains a welcome oasis of green space. The new building is also surrounded by the eclectic dining options of Graham Avenue and Nassau Avenue. A few blocks up the street, construction has resumed on the new Greenpoint Library, which will feature spacious adult and children's reading areas, meeting rooms, a garden, and a green roof.

Rendering via Brooklyn Public Library

470 Manhattan circa October 2019 via CityRealty

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