Affordable housing lottery odds at Bronx complex: 2000 to 1

The kicker: price of rent-stabilized units not much lower than market-rate apartments

New York /
Jan.January 07, 2015 10:10 AM

Almost 50,000 people are vying for 25 available rent-stabilized apartments in a new Bronx building.

The units in question, however, are not that much cheaper than market rate apartments in the building, according to the New York Daily News. No more than 25 apartments were available through a lottery at the Webster Avenue complex. The chance of securing one of the apartments at 2999, 2987 or 2985 Webster Avenue is one in 2,000.

The rent for non-market rate one-bedroom apartments in the building are $1,275 per month and $1,435 for two-bedroom units. To qualify, households may earn no more than $50,000 annually.

Former Borough President Adolfo Carrion, who currently serves as the executive vice president of developer Stagg Group, called the demand “unbelievable” in an interview with the newspaper.

Market rate units in the building are $1,500 per month for a one-bedroom apartment and $1,700 for a two-bedroom apartment. [NYDN] — Claire Moses


Related Articles

arrow_forward_ios
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
1065-1075 Gerard Avenue in the Bronx 
Prana pays Related $36M in Bronx multifamily play
Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)
Private developer’s NYCHA project in Mott Haven lands $79M in financing
Private developer’s NYCHA project in Mott Haven lands $79M in financing
2001 Story Avenue in the Bronx (Google Maps, iStock)
Fruchthandlers sell Bronx multifamily properties for $169M
Fruchthandlers sell Bronx multifamily properties for $169M
Friends of Bay Street Chairman Adam Potter and rendering of new affordable housing and commercial space (LinkedIn, BHC Architects, Illustration by Kevin Cifuentes for The Real Deal)
Affordable housing project proposed for Sag Harbor
Affordable housing project proposed for Sag Harbor
Fairstead's Jeffrey Goldberg with Savoy Park (Fairstead)
Fairstead puts Harlem affordable complex on market
Fairstead puts Harlem affordable complex on market
NYC mayor Eric Adams (iStock, Getty Images, Illustration by Kevin Cifuentes for The Real Deal)
Adams pledges to add housing, but won’t say how much
Adams pledges to add housing, but won’t say how much
From left: Mayor Eric Adams, Councilmember Kristin Richardson Jordan, and developer Bruce Teitelbaum (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Housing suffers crushing defeat as mayor, speaker do nothing
Housing suffers crushing defeat as mayor, speaker do nothing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...