Housing Lottery Launches for Capstone Condominiums at 940 Myrtle Avenue in Bed-Stuy, Brooklyn

The affordable housing lottery was launched for Capstone Condominiums, a nine-story, mixed-use residential building at 940 Myrtle Avenue in Bedford-Stuyvesant, Brooklyn. The structure designed by Fischer + Makooi Architect has 24 newly built condominiums available on NYC Housing Connect. Eligible are first-time buyers with 60 to 80 percent Area Median Income (AMI) with incomes of $ 37,500 to $ 103,120.

The residences have an in-unit dishwasher, branded countertops and surfaces, and hardwood floors. Amenities include a storage room, elevator, lockers for bike storage and a shared laundry room.

Capstone Condominiums at 940 Myrtle Avenue in Bed-Stuy, Brooklyn via NYC Housing Connect

Capstone Condominiums at 940 Myrtle Avenue in Bed-Stuy, Brooklyn via NYC Housing Connect

At 60 percent of the AMI, there are five studios ranging in price from $ 203,682 to $ 206,599 for incomes between $ 37,500 and $ 57,300; five one-bedroom priced from $ 203,234 to $ 204,229 for incomes from $ 37,500 to $ 64,440; and 11 two-bedroom priced from $ 230,924 to $ 234,597 for incomes from $ 37,500 to $ 77,340.

At 80 percent of the AMI, there are two one-bedroom priced at $ 294,232 to $ 306,630 for incomes between $ 37,500 and $ 85,920, and a two-bedroom priced at $ 355,811 for incomes between $ 37,500 and $ 103,120.

Potential buyers must meet the income and household size requirements to apply for these apartments. Eligible buyers may have five percent of the purchase price available for a down payment, but higher down payments may allow for a lower minimum income. Applications must be postmarked or submitted online by January 21, 2021 at the latest.

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