clock menu more-arrow no yes mobile

Filed under:

Lottery for rare affordable condos opens in Clinton Hill

New, 2 comments

The lottery for the 11 affordable condos of Waverly Brooklyn is now open

Clinton Hill’s new 48-condo building with robot parking hit the market in June with apartments asking from $595,000. Now that sales are moving right along—StreetEasy shows four apartments in contract at an average price of $1.13 million—the lottery for Waverly Brooklyn’s 11 affordable condos is now opening. The apartments up for grabs include one studio, four one-bedrooms, and six two-bedrooms.

As with more common affordable rental lotteries, strict income restrictions apply. Those looking to apply for the studio must make a minimum income of $32,617 annually. The apartment is expected to go for $156,444. Single applicants for a one-bedroom must make a minimum of $37,274 annually, and applications a two-person household in a one-bedroom must make a minimum of $49,700 annually. The one-bedrooms are expected to go for between $165,283 and $252,330. Applicants for two-bedroom condos with a household size of two to four people must make a minimum of $41,934 annually. Those condos are expected to go for between $163,577 and $179,691.

All tenants of 500 Waverly Avenue, including affordable lottery winners, will have access to building amenities including a lounge, resident terrace with grills and a dining area, a communal rooftop with an outdoor shower, and a gym. The building’s vaunted robot parking can be rented for an additional fee, as can bicycle storage.

According to StreetEasy, the average price per square foot in the neighborhood, taken from listings currently on the market, is $759. The average price per square foot of condos currently for sale at Waverly Brooklyn is $1,251.

All eligible buyers must have 10 percent of the purchase price available for a down payment. All applications by mail must be postmarked by September 6. To learn more about the lottery, head over to NYC Housing Partnership.