The apartment mix of the building will be 7 One-bedroom, 13 two-bedroom and 7 three -bedroom apartments. As the developer will apply for 421a designation, the apartment units will consist of 2 types of quality: luxury and affordable. Enrollment to the 421-A Tax Abatement Program will provide 25-35 years of tax exemption and bonus FAR in exchange for 30% of the total rental units to be permanently affordable for middle income families as part of the Affordable New York Housing Program. Alongside the increasing demand for affordable housing, the Sponsor believes this will enable a full lease up of the property within 5 months post completion.
