The Parker West on 72nd.
The city’s housing lottery system is accepting applications for apartments in three local buildings.
One lottery just opened to buy 8 two-bedrooms that are part of Housing Development Fund Corporation (HDFC) co-ops. They are located at 107 West 105th Street and 981 Amsterdam Avenue, which is between 108th and 109th Streets. The apartments are available to households with 2-5 people making $88,500 to $141,790, a relatively high range for housing lotteries.
They’re asking for a downpayment of at least 3%, and the apartments are expected to sell for about $314,000. More info on the lottery for 105th is here and for 981 Amsterdam is here.
In addition, applications are open for a three-bedroom apartment renting for $1,812 a month at the Parker West, a 21-story building at 214 West 72nd Street, right next to Trader Joe’s. It’s open to households making $67,132 to $118,400, with the income limits depending on the household size. Learn more here.
Really??? And that’s affordable housing! Income levels in the 6 digits?! That’s pathetic! SMH!
You took the words right out of my mouth
It’s laughable. Affordable? Hah. Just another sign that the real estate market in Manhattan is BUSINESS AS USUAL.
If you aren’t one of the lottery winners who gets to pay 10% of market rate to buy a place, then you should want everything to become market rate.
Everyone who gets price controlled rates drives up prices for everyone else
…and Market Rate apartments ensure housing for the monied only.
Kick ’em to the curb?
I know a couple people who make over $100K living in rent-controlled apartments with 2nd homes outside the City. Your idealistic non-market rate system really works well.
What is “idealistic” is the concept that free market rents will solve the housing crisis in NYC. Affordable housing in NYC and many other places is what economists call a “market failure.” Rent stabilization is, in fact, a PRACTICAL system, not idealistic. It is not perfect but it keeps rents affordable for millions of units.
If you’re going to complain about people over $100k getting housing benefits, why don’t you start with the mortgage interest deduction, which goes disproportionately to some very high income people?
You know a couple who who overly benefit from rent regulation and that is the basis to change our laws?
How about the millions of people in rent regulated apartments who deserve to have homes?
Kick ’em to the curb?
In which other areas of life does one even get to try their luck for something at 15% of prevailing market prices?
What do you call “affordable”? Zero cost, plus a thank you note from the mayor for being a great citizen?
Parker West, What a scam. They only have 1 apartment that is getting offered as “affordable .”
So single older people on a low fixed income are dispensable?
Correction: “disposible”.
None of these are affordable to regular working people. Did you post this to be ironic?
This is not low income housing. It’s not supposed to be.
We all know that there’s lots of (but still not enough) low income NYCHA type housing. There are very few middle income opportunities and yes these incomes are middle income. They are based on the median income in the neighborhood so UWS affordable is higher than South Bronx affoaffordable. Neighborhoods do better with a variety of incomes. Many have only high priced condos or public housing . Dont try to get rid of some of the rare middle ground opportunities.
100% right. There needs to be a mix of ALL incomes.
“Affordable housing” for millionaires. Nice.
Funny. Didn’t see millionaires as eligible here. But I guess whether you put down $10K for a 2-bdrm, or $300K (20% of $1.5M+) at market prices is all the same to you, as long as you can make a political quip.
The one unit that Parker West is offering will result in a very generous real estate tax abatement for the remaining unit owners. Great marketing ploy for the developers.
Tax abatement will expire at some point in future, then owners will be hit with full brunt of taxes.
Many people buy these market rate units with tax abatements in place. Only to bail (sell) or hope to before the thing expires.
In final years of abatement there normally is a flurry of sales activity as owners seek to get out before taxes rise.
I know a family that’s relocating from out-of-state so I checked the site. In theory they’d be perfect for the 3 br at the Parker West (2 kids/1 adult in the medical field). Wishful thinking. In reality I couldn’t get past the main page and was redirected to buildings in Harlem and the Bronx. I’m still trying to wrap my head around this one. 🙁
Affordable Housing Program…
A percentage of units are set aside for:
100% Mobility
100% Vision/Hearing
100% Preference for a percentage of units goes to:
100% Community Board Resident
100% NYC Employee
I think before anyone leaves their smart comments, they should do some research. And when I say research, I mean – just click on the link and you would see for yourself that you need to have 5 people living in the household and in total earning $67,132 – $103,120. Even at the highest of that ranking: 103,000 – 25% in taxes (being generous) minus 21,600 in rent for the year, divided by 5 people leaves you with $25 a day per person… That doesn’t include groceries, transportation, and other bills. Yes, even with a “6 figure salary” you can still struggle living in NYC.
If you are able to make a six figure income in NYC and still struggle then perhaps its time to reconsider living in a city you cant afford. Also your 25% for taxes is overstated. You fail to take exemptions, deductions, and credits into consideration which would likely drop the effective tax rate to 15-18% for a household of 5.
Are the rentals permanently “affordable”?
Or do they go to market after the tax break expires (20-25 years)?
As for the “affordable” co-ops, given the need for down payment, often purchasers end up being young people in low paid jobs – but who have affluent parents able to fund the down payment.
So ultimately this sort of housing does not end up going to low-income neighborhood families….
Exactly. I know a doctor who got this type of apartment. They were in residency so income at the time was low enough to qualify, knowing that it would increase dramatically very soon. Family helped with the relatively nominal downpayment. I assume a grad student could do the same thing.
Dont’t like it? Leave. Your two term mayor who campaigned on a “tale of two cities” perpetuated this.
Oh…and we still have the Carriage horses!!
NYC is for the very rich and very poor…no room left for any in-between.
scammers
It great opportunity for me if apartment alloted to us whil working as nurse at new York city at NYP to serve the community more effectively and efficiently
I’m looking for Affordable Apartments, but the vast majority are more expensive than what I now pay! The apartments’ income requirements now range up to almost $200,000! It’s nice to know that poor people making almost $200k have a nice place to stay, and the rest of us will share space in the park!
Is there no affordable housing lottery for people with 7-figure incomes?
What has this city become.
The two HDFC apartments sound like a good deal (3% downpayment, $300K for a 2 bedroom), but there is a $2,500/month “carrying fee.” For most people who could afford the down payment and monthly mortgage, the carrying fee will make it unaffordable. Who are these apartments for?
I’m very interested on buying or rent in any of these lottery apartments