The affordable housing lottery has launched for 55 Summit Street Cooperatives, a five-story residential building in Brooklyn’s Columbia Street Waterfront District. Designed by Tahir Demircioglu Architect and developed by Michael Abramov under the SS Development Partners LLC, the structure yields five residences. Available on NYC Housing Connect are five units for sale for residents at 80 percent of the area median income (AMI), ranging in eligible income from $57,074 to $115,280.
55 Summit Street Cooperatives in the Columbia Street Waterfront District, Brooklyn via NYC Housing Connect
Amenities include pet-friendly policies and a rooftop terrace. Residences come equipped with washers and dryers, name-brand kitchen appliances, and energy-efficient appliances.
At 80 percent of the AMI, there is one studio with a monthly carrying fee of $515 and an estimated sales price of $195,605 for incomes ranging from $57,074 to $85,440; one two-bedroom with a monthly carrying fee of $870 and an estimated sales price of $203,904 for incomes ranging from $57,088 to $115,280; one two-bedroom with a monthly carrying fee of $961 and an estimated sales price of $185,358 for incomes ranging from $57,088 to $115,280; and two two-bedrooms with a monthly carrying fee of $973 and an estimated sales price of $183,039 for incomes ranging from $57,088 to $115,280.
Eligible buyers should have 5 percent of the purchase price for a down payment. Eligible buyers must meet income restrictions and ensure the combined annual cost of monthly fees, mortgage payments, utilities, and property taxes are between 25 and 35 percent of their annual household income. This means eligible buyers may not purchase this housing opportunity in cash and must secure a mortgage in order to qualify. Applications must be postmarked or submitted online no later than March 31, 2023.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Yes yes i like it thank you
Elimus Tomkin