$140K units for sale in new East Harlem development

April 19, 2012 04:00PM

The sales office at La Celia, a new 123-unit middle-income cooperative development located at 64 East 111th Street is officially open, a statement from developer L+M Development Partners today said. The income-restricted building, developed as part of a joint venture between L+M and the Urban Investment Group at Goldman Sachs offers homes starting as low as $140,000, and ranging to $373,000.

The building, between Madison and Park avenues, includes a gym, individual storage units and a common landscaped terrace.

The lottery, which closes on the 26th of this month, already has about 5,000 entrants for the 125 available units, Lisa Gomez, an executive director at L+M told The Real Deal. She added that they expect the units to sell out in the next six months.

Income restrictions apply at the building, which Gomez said offers homes for about half of the market rate. The annual household income cap for the studios and one-bedroom and two-bedroom units range from $45,850 to $143,150 per year, Gomez said. The restrictions vary by the size and shape of the apartment.

“La Celia addresses the critical need for affordable homeownership options in Harlem,” said Alicia Glen, managing director and head of the Urban Investment Group at Goldman Sachs. — Guelda Voien