A ribbon-cutting was held Wednesday morning for a fully affordable luxury building in Greenpoint.

The apartment building is located at 35 Commercial St. It consists of 374 affordable units. Half are reserved for current Greenpoint and Williamsburg residents, and 57 are reserved for the formerly homeless. Officials say 90,000 applications have already been received.

The 22-story complex is part of a larger development known as Greenpoint Landing. The building is fully electric and offers 11,000 square feet of amenities.

The property says those who make between 30% and 110% of the area median income qualify. The going rate for a studio at 30% of the area median income is just over $400.

"There's no other way of saying it- affordable housing and, frankly, just housing in general, is just so needed in the city right now. Anything that increases the ability to provide that housing is critical and needed," said Marian Klein, the president of Park Tower Group.

The property says 33% of the units are already leased. They are currently processing applications for the remaining units.

With tens of thousands of people applying to move in, stakeholders say it speaks to the critical need for affordable housing.