What's Happening?
Maddd Equities has opened applications for 120 mixed-income apartments in a new 31-story rental tower located at 202 Tillary Street, Downtown Brooklyn. The development offers modern apartments with panoramic skyline views and upscale amenities, including a gym, landscaped outdoor areas, and a pickleball court. The project, initially planned as a 235,000-square-foot residential building, expanded to over 400,000 square feet after acquiring additional land and air rights. The lottery is open to New Yorkers earning 40, 60, 110, and 120 percent of the area median income, with rents starting at $784/month for studios. The application deadline is October 10, 2025.
AD
Why It's Important?
This development is significant as it addresses the demand for affordable housing in New York City, particularly in Brooklyn. By offering mixed-income apartments, the project aims to provide housing options for a diverse range of income levels, potentially easing the housing crisis in the area. The inclusion of upscale amenities also reflects a trend towards integrating luxury features in affordable housing projects, which could influence future developments. The project’s expansion and financing highlight the role of strategic investments and partnerships in urban development.
What's Next?
Qualifying New Yorkers can apply for the apartments until October 10, 2025. The lottery system will determine the allocation of units, with a preference for 20 percent of the units given to residents of Brooklyn Community District 2. The outcome of the lottery will be closely watched by stakeholders interested in affordable housing solutions. Additionally, the success of this project may encourage similar developments in other parts of the city.
