Brooklyn Apartment Complex Nears Completion
The 144-unit residential project at 263 Prospect Avenue includes middle-income units with monthly rents set at $4,738.
Updated on Oct. 13, 2026 in Apartments
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A new residential development at 263 Prospect Avenue in Brooklyn is nearing completion, offering 144 apartment units and 180 parking spaces. The building is currently in the final hardscaping phase, though it has not yet received a certificate of occupancy.
Why it matters
This project utilizes the expired 421-a tax break program and allocates 20 to 30 percent of its housing inventory to households earning approximately 130 percent of the Area Median Income. Renters should note that these units require a specific income threshold, such as a maximum of $198,510 for a household of three.
The development at 263 Prospect Avenue offers 144 total units, with 20 to 30 percent reserved for middle-income residents. Qualifying households of three earning up to $198,510 per year can access these units, which feature a set monthly rent of $4,738 for two-bedroom layouts.
The players
Gowanus Cubes LLC
The real estate developer and owner of the 263 Prospect Avenue project site.
The details
The property replaces three 19th-century townhouses and features extensive lifestyle amenities including a fitness center, golf simulator, and pet spa. Prospective tenants should be aware that the site owner, Gowanus Cubes LLC, is currently facing lawsuits from workers alleging unsafe conditions during the construction process. Because the building currently lacks a certificate of occupancy, move-in timelines remain unconfirmed.
Timeline
October 13, 2026: Article publication date.
Money Landscape
This development is one of the projects proceeding under the expired 421-a tax break program in New York City. The site, which previously housed 19th-century townhouses, reflects a broader shift in local residential zoning toward high-density apartment complexes.
Households considering these units should factor the $4,738 monthly rent into their long-term housing budget to ensure it aligns with income-to-rent ratios. Always consult with a qualified financial advisor before committing to a lease that requires verifying specific income benchmarks.
The takeaway
The project illustrates the high entry costs for new middle-income designated housing in Brooklyn. When evaluating similar new developments, always confirm the status of a building's certificate of occupancy before signing a lease or paying a deposit.
Further reading
For more information on the local rental market, visit Apartments.
Source note: This article includes information reported by Brooklyn Paper.
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Should developers be required to set aside a portion of new apartments for middle-income residents?
