Stellar Secures Article XI Agreement for Park Slope Building 

Stellar Management, in collaboration with the Fifth Avenue Committee and NYC’s HPD, finalized an Article XI regulatory agreement, an NYC tax exemption, for 341 10th Street in Park Slope, Brooklyn. Of the 154 units, 102 were reserved for households below 55% of the Area Median Income (AMI), achieving a blended affordability of 72% AMI. Previously, 38 units were fair market. The agreement includes extensive renovations to improve living conditions for aging residents. 

“This meaningful transition to an entirely affordable apartment building provides housing for families and individuals who might otherwise be priced out of the opportunities and amenities of Park Slope. This closing marks a pivotal step in fulfilling the commitments made to existing residents during the recent rezoning process,” said Matthew Morgan of Stellar Management.