Stellar Management, in partnership with the Fifth Avenue Committee and NYC’s HPD, has successfully secured an Article XI regulatory agreement for 341 10th Street in Park Slope, Brooklyn. This agreement includes an NYC tax exemption and ensures that out of the 154 units, 102 will be reserved for households below 55% of the Area Median Income (AMI). This results in a blended affordability rate of 72% AMI. Previously, only 38 units were designated as fair market.
The comprehensive renovations included in this agreement aim to improve living conditions for aging residents. According to Matthew Morgan from Stellar Management: “This significant transition towards a fully affordable apartment building provides housing opportunities for families and individuals who may have otherwise been priced out of Park Slope’s amenities.” The successful closing marks a crucial milestone towards fulfilling commitments made to existing residents during the recent rezoning process.
