Housing Lottery Opens for Adjmi-Designed Apartments at Puccio Marble Yard in ‘Burg

An affordable housing lottery has opened for six of the 20 apartments in the five-story brick development on the corner of Driggs and Metropolitan avenues, located at the former Puccio Marble yard sites.

The building at 658 Driggs Avenue was designed by architect Morris Adjmi and developed by RedSky Capital, which purchased it — along with another other Puccio Marble property at 625-629 Driggs Avenue — for $9.25 million in 2013.

Of the six apartments in the lottery, three are two-bedroom apartments listed at $1,458 per month for those earning 80 percent of Area Median Income (AMI); two are one-bedroom apartments listed for $2,320 per month for those earning 130 percent AMI; and one is a studio apartment listed for $2,201, also for those earning 130 percent of AMI. Income brackets for the apartments range between $54,446 and $156,130 for households of one to five people.

According to the lottery listing, preference will go to residents of Community Board 1.

The apartments have in-unit washer/dryers, dishwashers, hardwood floors and air conditioning. The building has storage, bike storage and a roof deck. The building was built using the state’s 421-a tax incentive, meaning the income-restricted apartments will be rent stabilized for 35 years.

When RedSky Capital first bought the building, it was part of the developer’s burgeoning Williamsburg empire. However, the developer suffered financial trouble in 2019 and sold off a substantial chunk of its Williamsburg portfolio, including 14 properties around North 6th and Bedford Avenue, for $145 million, The Real Deal reported.

Despite the significant drawback in the neighborhood, Redsky Capital retained its staple Apple store on Bedford Avenue.

At another former Puccio Marble proeprty at 625-629 Driggs Avenue, a certificate of occupancy was issued on April 27 this year, which says the new six-story building includes 19 apartments. The ground floor retail space of the building, which sits on the corner of Driggs Avenue and North 4th, is currently occupied by Bond Vet.

Related Stories

• Puccio Marble Yards Yield to Adjmi-Designed Homes, Stores for RedSky’s Growing ‘Burg Empire
• Last Puccio Marble Building in Williamsburg Sells for More Than $1,000 a Square Foot
• Rumor: Sale of Last Puccio Marble Building on Driggs in Williamsburg

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