The affordable housing lottery for units at Stuyvesant Town Peter Cooper Village launched Tuesday, DNAinfo reported (h/t The Real Deal). Prices for the affordable units start at $1,210 per month for a studio apartment for an individual making between $36,300 and $48,400, according to the lottery listing.
Apartments vary in size from studios to five-bedrooms, and prices also vary depending on different income ranges. On the pricier end of the spectrum a five-bedroom apartment rents for $4,560 per month, and that can be occupied by a family of anywhere between 5-10 people at different income levels. For a family of 10, that income range is between $136,800 to $210,870.
The lottery will take place from March 1 until the end of the month. And up to 15,000 people will be kept on a waiting list once it is complete. Residents can then begin renting apartments based on their waiting list numbers as units begin to open up at the development. It will take about two years to go through that number and then another lottery will be conducted at that time, according to DNAinfo.
The lottery came about about as a result of the Blackstone Group LP and Ivanhoe Cambridge's purchase of Stuy Town last year for $5.45 billion, and the developers's commitment to preserving 5,000 rent-stabilized units at the development. All of the Stuy Town development comprises of over 11,000 apartments.