Extell’s East Village rental launches its affordable housing lottery

Extell’s 14th Street rental project has now launched the lottery on its affordable units. Though the rental is a two-building development, at this time it appears that all the affordable units are located in the building at 524 East 14th Street.

There are a total of 50 affordable apartments up for grabs at the rental with apartments being offered in studio through two-bedroom variants. Rents start at $1,114 for a studio, which is definitely a bit on the pricier side for affordable units, but this is the East Village after all. Rents on one-bedrooms start at $1,196, and two-bedrooms start at $2,733, from the information we have so far.

The affordable rentals are being offered in two groups: people making 70 percent of the area median income and 130 percent of the area median income, which translates to anywhere between $40,080 to $124,020 depending on various family sizes.

For an additional fee, residents will also have access to amenities like a fitness center, a children’s play room, an indoor pool, a residents lounge, and a steam room.

What’s more, this rental development will also be home to the neighborhood’s first Target, which will be located at the base of 500 East 14th Street. In addition to the affordable rentals, the project also has 100 market-rate units, but no word yet on when leasing will get underway on those.

The two buildings topped out last March, and with this affordable housing lottery launch, it seems like work should be wrapping up soon on the Beyer Blinder Belle-designed buildings.

• East Village’s forthcoming Target outpost will open in 2018 [Curbed]
• Extell’s East Village rental, home to neighborhood’s first Target, tops out [Curbed]
• Extell Makes Progress On Its Seven-Story East Village Rental [Curbed]