A 38-story rental tower developed by Lalezarian Properties, in Hudson Yards, has now launched the lottery on its affordable units. Of the building’s 251 apartments, 63 are affordable units, and they come in studios, one-bedrooms, and two-bedrooms.
The affordable rentals are being offered in three different income brackets: 40, 60, and 130 percent of the area median income which translates to anywhere between $22,903 to $124,020 per year, depending on the number of people looking to rent and the types of available apartments.
On the lower end of the spectrum, rents start at $613 for a studio, and on the upper end, two-bedrooms will ask from $2,733 per month. For an additional fee, tenants in the affordable rentals can also get access to a fitness center, a roof deck, and a residents lounge.
This Ismael Levya Architects-designed project has been in the works since at least 2013, when the developers purchased four parcels of land on West 36th and 37th Streets for just under $47 million. The first rendering was revealed in 2016, and construction got underway shortly after that. The building topped out in August last year, and is currently being fitted with its glass facade. Construction is expected to wrap later this year.