A former theater is reopening — this time as affordable housing.
In Williamsburg, where 94% of apartments rent for over $3,000 a month, this conversion marks a striking and necessary change and a unique opportunity within one of New York’s most expensive residential markets with rents starting as low as $922, challenging the trend of record-high prices in the area.
What does ‘Affordable Housing’ mean?
These apartments are part of the NYC housing lottery, a government program that raffles off rent-stabilized units to eligible applicants. The final selection is determined by household size and income, measured as a percentage of the Area Median Income (AMI), with final selections made through a randomized process.
The project is possible thanks to the city’s 467-M Tax Incentive Program, an initiative that promotes affordable housing. By offering tax benefits to converted buildings, the program allows former commercial or industrial spaces to be transformed into affordable housing for the community, in this case, an old theater.
A prime location
The four-story building, located at 107 South 6th Street in Williamsburg, is one of the most sought-after areas of the city — where proximity to Manhattan and historically strong rental demand guarantee its value.
Positioned just steps from the Williamsburg Bridge, the property also enjoys a setting of independent businesses that contribute to the area’s distinct character.
A rare tier of affordability in Williamsburg
There are eight available apartments offered by the lottery with prizes between $922 and $2,706 per month, depending on unit size and income eligibility. These prices represent a significant contrast from the general landscape of Williamsburg, where the average rent is $4,682.
In the current market, studios in Williamsburg start at $3,664 per month, one-bedroom apartments start at $4,989, and two- to three-bedroom apartments range from $6,000 to $7,300.
Despite a slight annual decrease of 1.7%, the neighborhood’s open market still operates on a price scale that makes this lottery an absolute exception.
Preservation through residential conversion
This 19th century Romanesque Revival-style property was built in 1891 as the ‘Bedford Avenue Theater’. The architecture of the old theater stands out for its red-brick façade, turrets and decorative terra-cotta details that reflect the industrial and cultural past of Williamsburg and contribute to the building’s architectural distinction.
After the theater closed in 1901, the building underwent several commercial uses before facing a proposed demolition more than a century later for a high-rise hotel project — plans that were rejected, paving the way for its preservation, and nowadays as a residential housing.
Residential features and amenities
While the exterior retains its Neo-Romanesque aesthetic, the interior of 107 South 6th Street has been completely redesigned in a contemporary style. The building offers a package of shared amenities that includes a gym, laundry facilities, and common areas, achieving a good balance between the historic outside details and the modern inside spaces.
The apartments feature light wood finishes, modern flooring, and stainless steel equipped kitchens. High ceilings and large windows enhance natural light throughout the units, reinforcing the contrast between the building’s preserved exterior and the modern interior.
How to apply
The application period closes on January 22nd of this year. Applications must be submitted through NYC Housing Connect, where new residents will be selected through a random process. Eligible applicants must earn between $41,212 and $145,800 annually, with household sizes ranging from one to five people.
