The Brooklyn Tower
The Brooklyn Tower is a supertall, mixed use skyscraper located in the heart of downtown Brooklyn.
The luxury, prestige and sheer size of The Brooklyn Tower make it an unusual and exciting participant in the 130% AMI bracket of the affordable housing lottery. With high end interiors and stunning views, The Brooklyn Tower will be one of the most talked about lotteries in NY history. MGNY is honored to be chosen by JDS to manage this unprecedented affordable housing lottery.
Project Highlights
23,900
Applications on Housing Connect
4,800
Total Applications Processed
86
Leases signed
120
Total Number of Affordable Apartments
30
Leads to Leases Conversion
25%
Leads to Leases Conversion %
The Challenge
Because of the value offered, rent prices at The Brooklyn Tower had to be listed close to or at the maximum allowable workbook rents. This means that prices would still be at a significant discount when compared to market rate rents, but would be out of reach for a significant portion of applicants.
The Solution
MGNY worked carefully with JDS to construct a marketing and advertising campaign that appeals to the target audience (ie. those that income-qualify), ensuring that qualified applicants apply.
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JDS Development
JDS development is a real-estate development group headquartered in Manhattan. It was founded in 2002 by Long Island native, Michael Stern and specializes in luxury residential, hospitality and mixed-use projects. JDS has more than 7 Million square feet of property under development.
