31-story Downtown Brooklyn rental tower opens lottery for 120 apartments, from $784/month

Applications are now being accepted for 120 mixed-income apartments at a new 31-story rental tower in Downtown Brooklyn. Located at 202 Tillary Street, the property offers modern apartments with panoramic skyline views, complemented by a suite of upscale amenities. New Yorkers earning 40, 60, 110, and 120 percent of the area median income can apply for the units, with rents starting at $784/month for studios, $828/month for one-bedrooms, and $967/month for two-bedroom apartments.

Developed by Maddd Equities and designed by Aufgang Architects, the project—alternatively addressed as 71 Prince Street- offers a total of 465 rental units, 4,000 square feet of ground floor retail space, and an enclosed parking garage, according to Yimby.

Amenities include a gym, landscaped outdoor areas, sky lounges, a resident lounge, bike storage lockers, and a pickleball court. Apartments feature high-end kitchen appliances, premium countertops and finishes, in-unit washers and dryers, and air conditioning. Residents may have up to two pets per unit, with each dog weighing no more than 45 pounds.

Maddd Equities and Joy Construction purchased the lot for $30 million in July 2020. The site previously housed a 115,000-square-foot American Self Storage facility. Originally planned as a 235,000-square-foot residential building, the project’s scope was expanded to more than 400,000 square feet following the $25 million acquisition of land and air rights from the city’s Housing Authority, according to Progress Capital.

In 2023, the developers secured $143 million in construction financing from Valley National Bank, Metropolitan Commercial Bank, and Bank Leumi. Additional funding came from the 2021 sale of the site’s ground lease to iStar for $33.2 million, as reported by Yimby. The building topped out in June 2024.

The property is close to multiple train lines and bus routes and is just a short ride from Atlantic Terminal, where residents can access the Long Island Rail Road.

Qualifying New Yorkers can apply for the apartments until October 10, 2025. Complete details on how to apply are available here. Preference for 20 percent of the units is given to residents of Brooklyn Community District 2.

Questions regarding this offer must be referred to NYC’s Housing Connect department by dialing 311.

RELATED:

Get Insider Updates with Our Newsletter!