The affordable housing lottery has launched for 1402 York Avenue, an 11-story residential building on the Upper East Side of Manhattan. Designed by Kossar + Garry Architects and developed by Crest Group, the development consists of ten out of 11 homeownership units being sold at below-market rates. Available on NYC Housing Connect are ten units for residents at 63 percent of the area median income (AMI), ranging in eligible income from $43,488 to $60,165.
Amenities include a gym, bike storage lockers, and rooftop terrace. Tenants are responsible for electricity, as well as gas for stove, heat, and hot water.
At 63 percent of the AMI, there are two studios with a $96,386 estimated sales price and $1,268 monthly carrying fee for incomes ranging from $43,488 to $60,165; and eight studios with a $50,161 estimated sales price and $1,268 monthly carrying fee for incomes ranging from $43,488 to $60,165. All units have a 10-percent minimum down payment.
Prospective buyers must occupy the cooperative apartment as their primary residence. Any prospective applicant who currently owns or has previously purchased a residential property is ineligible. Applications must be postmarked or submitted online no later than June 29, 2021.