Everybody in New York City knows the rent is too damn high, but once in a while there comes a (very slim) chance to grab that most elusive of urban legends: an affordable rental.
The latest building on the list is 115 Delancey Street. This week the lottery opened for a spot in one of the 98 price-regulated units baked in to the new construction. The 26-story tower is also known as site two of Essex Crossing, the massive five-block development that's radically reshaping the lower stretches of the Lower East Side. When it's completed, the mega-development will bring some 1,000 apartment units to the neighborhood, 50 percent of which will be designated as affordable housing.
The units at 115 Delancey are reserved for those making between 40 percent and 165 percent of the area's median income, spread over four tiers. That means single people making between $19,680 and $26,720 could be eligible for $519-a-month studios, while households of six earning up to $182,655 can apply for three-bedroom apartments renting for $3,424. (Check with NYC Housing Connect for the full breakdown.)
Along with a primo location and a street-level movie theater, the building boasts a long list of amenities, including a fitness room, bike storage and a lounge. Half of the units are reserved for residents of Community Board 3—so, locals, be sure to apply before the February 13 deadline. And good luck making it through the notoriously byzantine application system. You may just become the subject of NYC lore!