The Real Deal New York

Jackpot? Hunter’s Point housing lotto starts today

About 50,000 applications expected for 925 units in Long Island City development
October 15, 2014 04:02PM

Winners won’t take home a multi-million dollar jackpot, but those who snag an affordable unit at Hunter’s Point South may feel like they’ve done just that.

Prospective renters can now submit applications to NYC Housing Connect for one of 925 affordable units at the Related-developed project on Long Island City’s waterfront. Close to 50,000 people will vie for a spot at one of the site’s two towers, where below-market-rate units start as low as $494 per month for single residents making between $18,618 and $23,520 annually.

Renters will have access to a slew of amenities, including a fitness room, Internet cafĂ© and community garden–not to mention up-close views of Manhattan and the East River.

“This is the best deal in New York City,” Frank Monterisi, a senior vice president with the Related Companies, told the New York Daily News.

The site, which is 50 percent complete, was designed by SHoP Architects, the same firm that conceived Two Trees’ Domino Sugar Factory development in Williamsburg. There, non-market rate apartments will start at $553, with the housing lottery slated to start in 2016. [NYDN] — Kerry Barger

  • I suppose there is no better proof that the real estate industry is failing the city when an industry journal likens securing affordable housing to winning the lottery. We need 1000 more projects like Hunters Point South.

    • NYClifer

      Over 50% of NYC housing stock is either rent-stabilized or rent-controlled. You cannot only look at the other 50% of free-market stock and place the blame solely there. Economics 101 says that price controls do not work.

      • Agree with both the facts and the conclusions. My point is only that we need 1000 more projects that add over 1000 more units. There is a structural scarcity, and of course the rent regulations are ultimately to blame. I expect that no matter what, some people will refuse to believe this though, so perhaps building with some regulated units may be better than not building at all – if it is done on a large enough scale.