A ribbon-cutting at the brand-new Compass Residences in West Farms celebrated the opening of 237 apartments.

The affordable apartments are for renters with incomes between $29,000 and $90,000, depending on family and apartment size. More than 1,000 additional units will be added over the next several years, including studios and two- and three-bedroom apartments.

The land that the Compass Residences sits on was once an industrial area. That changed in 2011 after a massive rezoning.

Once completed, the $350 million development will be the borough's largest private real estate project.

Thursday's grand opening marked the completion of phase one of the Compass Residences. New York City Housing Connect applications for the next phase of residential units open in December and will run through February.