Stellar Management, the Fifth Avenue Committee and the New York City Department of Housing Preservation and Development (HPD) signed an agreement that makes all the units at 341 10th Street in Park Slope affordable housing.
The entities closed on an Article XI regulatory agreement for the building last week, ensuring long-term affordability with income restrictions for all 154 units at the building, 38 of which were fair market units prior to the regulatory agreement, according to a press release.
“We are proud to announce the signing of this agreement in response to The Prospect Towers Tenant Association request,” said Matthew Morgan of Stellar Management. “This meaningful transition to an entirely affordable apartment building provides housing for families and individuals who might otherwise be priced out of the opportunities and amenities of Park Slope. This closing marks a pivotal step in fulfilling the commitments made to existing residents during the recent rezoning process.”
The agreement reserves 102 deeply affordable units for New Yorkers with household incomes below 55% Area Median Income (AMI), resulting in a blended affordability of 72% AMI across all 154 units. In addition to delivering deep affordability, the building will undergo rehabilitation work geared towards improving quality-of-life for the aging residents of the building, the press release said.
“The Prospect Towers Tenants Association is grateful to both the 5th Avenue Committee and Stellar Management for the implementation of the Article XI program,” said The Prospect Towers Tenant Association in a statement. “Article XI will provide much-needed repairs and renovations to our building, while ensuring that current residents and future generations can continue to afford living in this community. For many of us, Prospect Towers has been home for decades. We watched our families grow here, thanks to the affordability provided by the Mitchell-Lama program. However, with the program's expiration, rents started rising, threatening the stability of our community. The Article XI program offers a lifeline. It will address critical repairs to the aging structure, while keeping rents affordable for long-term residents and ensure that young families can establish roots in the community.”
The site was recently re-zoned to allow for the construction of two new neighboring buildings on the same zoning lot as the existing 341 10th Street building.
