The Real Deal New York

Affordable housing lottery odds at Bronx complex: 2000 to 1

The kicker: price of rent-stabilized units not much lower than market-rate apartments
January 07, 2015 10:10AM

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