54 newly constructed “affordable apartments” at The Dime (251-273 S 5th St.) development are now available to apply for via the NYC Housing Connect website.
“The Dime” is adjacent to the historic Dime Savings Bank of Williamsburgh (PDF) next to the Williamsburg Bridge and at 22 stories will be one of the tallest in the neighborhood.
According to YIMBY, the “110-year-old bank building will yield 350,000 square feet of space, including 100,000 square feet of office space, 55,000 square feet of ground-floor retail, 340 parking spaces, and 178 rental apartments, of which thirty percent will be let at affordable prices.”
Income limits for these swanky apartments are priced at 130% of the area median income and range from $2,116 per month for a studio to $3,150 for a three-bedroom apartment; applications are open through March 31st for a chance to live at the Fogarty Finger-designed building.
Amenities which are available for additional fees are listed as: “The Dime Club (gym, basketball court, tenant lounge, game area, outdoor space, bar, BBQ, VIP tenant lounge), card/coin-operated laundry room.”
Well, average income for the neighborhood is now 135k for a household, west of highway, in Williamsburg, so a 3150 dollar 3 bed in a brand new building is extremely affordable, comparable units go for 6 to 8k, bringing rent burden down by 50 to 60% for most families. So although it may not be affordable to the average family in let’s say, Bushwick, this is extremely affordable to the average family in Williamsburg