GREENPOINT — The northernmost neighborhood of Brooklyn has notoriously been one of the more pricey areas in the borough, but for some, that is about to change. 

Greenpoint Landing Associates, an affiliate of the Park Tower Group, a major real estate development firm, hosted a ribbon cutting with elected officials recently celebrating the opening of 35 Commercial Street: a fully affordable luxury building in Greenpoint consisting of 374 units.

The 22-story complex is located along the waterfront, is fully electric, and offers 11,000 square feet of amenities.

According to a press release, “All 374 residences are income targeted through the ELLA program (Extremely Low and Low-Income Affordability), with 57 units set aside for formerly homeless applicants. 

“The units are available to New Yorkers earning between 30 and 110 percent of the area median income (AMI). Rents for studios at the 30 percent AMI level start at just over $400 per month.”

Thirty-three percent of the units have already been leased.