A little over a year after sales launched on the market-rate condos at 242 Broome Street—part of the Lower East Side’s Essex Crossing megaproject—the affordable housing lottery has now launched on the building’s 11 affordable condos, the Lo-Down reports.
Prices on the affordable condos range from about $225,000 to $332,000, and they will be open to New Yorkers making between $65,000-$138,375, depending on the family size, and the size of the unit.
The breakdown of the affordable units is as follows: five one-bedrooms, four two-bedrooms, and two three-bedrooms. Residents within Community Board 3 will have preference on half of these units, and furthermore former tenants of the Seward Park Extension Urban Renewal Area (SPEURA) will have a 50 percent preference on the community board preference units.
The condos are only open to those who haven’t previously purchased an apartment in the city, and the lottery is open until January 31, 2018. Those interested in applying can also go to two separate information sessions that will be held on December 12, and January 16.
Though more than half of the over 1,000 apartments coming to Essex Crossing over the next several years will be affordable, these 11 apartments at 242 Broome will be the megadevelopment’s only affordable condominiums.
Last week, the development consortium behind Essex Crossing, the Delancey Street Associates, announced that half of the building’s 55 market-rate condos had sold. The International Center of Photography’s decision to relocate to 242 Broome Street further bolstered sales, according to one of the developers on the project. Construction on 242 Broome is scheduled to wrap in early 2018.