Not the Mega Millions, but apartment lottery offers pretty good jackpot
September 08, 2009 03:00PM By Michael Stoler
While millions of people are purchasing tickets every day to win the Mega Millions lottery, thousands of New Yorkers are sending in applications to win the opportunity to own or rent a brand new apartment in central Harlem.
Because of the efforts of a public-private partnership, 22 individuals or families will be able to own a home in one of two 22-unit condominiums under construction at 261 West 112th Street and 2100 Frederick Douglass Boulevard.
The condo units are offered for sale through the Cornerstone Program of New York City's Department of Housing Preservation and Development, and range in price from $239,500 for a studio to $328,500 for a two-bedroom.
On the rental front, 37 affordable housing apartments -- from studios to three-bedrooms -- are up for grabs in two buildings under construction at 1465 and 1473 Fifth Avenue between 118th and 119th streets.
Current Manhattan Community Board 10 residents will receive preference for 50 percent of the units while New York City municipal employees will get first dibs on 5 percent of them.
Besides the Mega Millions lottery, there is hardly a better lottery to win than ownership or rental of a brand new apartment in New York City.
Michael Stoler is a columnist for The Real Deal and host of real estate programs "The Stoler Report" and "Building New York" on CUNY TV and on WEGTV in East Hampton. His radio show, "The Michael Stoler Real Estate Report," airs on 1010 WINS on Saturdays and Sundays. Stoler is a director at Madison Realty Capital as well as an adjunct professor at NYU Real Estate Institute, and a former contributing editor and columnist for the New York Sun.
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Comments
Anonymous
Thank you, Stoler. You have reached a new low. I didnt think it was possible but you continue to exceed my expectations.
Comment #1 Posted By: Anonymous 09/08/09
Anonymous
Hate to say it but why call this a lottery win when foreclosed auctions sound like a much better deal than these?
Comment #2 Posted By: Anonymous 09/08/09
Anonymous
Do the winners or the losers get the apts in Harlem?
Comment #3 Posted By: Anonymous 09/08/09
Anonymous
What a joke Stoler. As proposed, these "affordable units" have a maximum allowed income of $61,762 for a 2-bed. Name a person with that income who has saved a 10% downpayment and can afford a $328,500 apt before maintenance costs. There is a reason why the City's affordable programs can't dump their units. Only way one could afford the units given the income guidelines is by commiting fraud.
Comment #4 Posted By: Anonymous 09/08/09
Anonymous
#4 - committing fraud is the most common way although it's not unusual for these units to go to trust fund kids - they have plenty of cash just small incomes (perhaps they are artists, social workers or students -- or perhaps they are new hire bankers etc) my point is they have cash in the bank as there are no limits to the assets the winners can have. AND of course, "friends" of the developers and local politicians get first dibs.
Comment #5 Posted By: Anonymous 09/08/09