The big new development on the Northeast corner of West 77th street and Broadway is close to completion, and it is expected to sport many of the high-end amenities that high-flying Upper West Siders have come to expect: a roof deck with outdoor movie theater, quartz counters in the kitchens, Italian tile in the bathrooms.
For most renters, these amenities and location will cost them about $13,000 per month for a three-bedroom. But for those who meet certain income restrictions, the price tag will be much much less. There are 37 “affordable” apartments reserved for people making lower incomes. Developer Friedland Properties was forced to provide affordable units because the loan was financed by New York State Housing Finance Agency bonds, real estate blog Curbed noted a couple of years ago.
How much less? Studio apartments start at $546 per month for a studio for people who meet the lowest income requirements ($19,855-$24,080). A three-bedroom for a family of four making $37,782-$42,950 will cost $1,039 per month. To fill out an application, download it here from Phipps NY. We’ve posted more details about the apartments and income requirements in the letters below. Community Board 7 residents (Upper West Siders) are supposed to get 50% of each unit size. Applications must be postmarked by April 23, and they must be sent by regular mail (be absolutely sure to read all the fine print).
When the Times profiled the 20-story 181-unit building last year, it was tentatively called The Larstrand. Its address will be 227 West 77th street. Given that few developments were built during the recession, the building is likely to be the hot new property on the UWS when it is completed later this year. And (shocker!) it will have a CVS on the ground floor.
To read our post on the demolition that occurred before the new buildings went up (RIP Manhattan Diner), click here.
Click on the letters below to enlarge.
Photo of 227 West 77th street by Ruby Gottlieb.