The housing lottery for 45 affordable units at 505 State Street has opened. The 44-story, all-electric tower is part of the first phase of the Alloy Block, a mixed-use development designed by Alloy Development that will comprise five old and new buildings and provide residential, office, cultural, and retail space, as well as two public schools.
“505 State Street is setting a new standard for sustainable living in New York City, and the opening of the lottery today marks another key milestone for the project,” said Alloy CEO Jared Della Valle in a press release. “The city’s first fully electrified skyscraper can serve as a model for other neighborhoods as cities around the world look to chart a greener path – and as a welcoming home and workplace for those seeking out a greener lifestyle and a sustainable future.”
From the 441 total apartments, 45 are affordable to households earning between 40 and 100 percent of area median income and are available for lease through this lottery. Apartments range in size from studios to three-bedrooms. In the first phase of development, 34% of the floor area is either permanently affordable housing or new public schools.
505 State Street prioritizes green living and all functions typically run by natural gas run off electricity instead. Base-building systems, like hot water heating and HVAC, are also entirely electric, eliminating carbon emissions from homes and across the building. Alloy also recently issued a Request for Proposals to work with a firm on enrolling 505 State Street in community solar projects that will secure a 100 percent local renewable energy supply for the building.
Along with 30,000 square feet of retail space, 505 State Street is next door to two schools designed by Architecture Research Office – the new Khalil Gibran International Academy and a public elementary school. Developed in collaboration with the NYC Educational Construction Fund, each school will meet the rigorous energy efficiency and indoor quality standards that qualify for Passive House certification – the first two public schools to do so in the city.
Once complete, the Alloy Block will be home to roughly 850 residences, including approximately 200 permanently affordable apartments, 100,000 square feet of Class A office space, 50,000 square feet of retail space and two state-of-the-art Passive House public schools.
