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Nearly 60,000 people apply for 105 affordable units in Greenpoint building
Topic Started: 21 Aug 2014, 10:46 PM (544 Views)
peter fraser
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Nearly 60,000 people apply for 105 affordable units in Greenpoint building

The incredible 58,832 number of applicants vying for their slim shot at cheap pads at 1133 Manhattan Ave. is the highest this year out of all other city lotteries.
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The odds are not in your favor.

Nearly 60,000 people have entered an affordable housing lottery for a chance to rent one of the 105 below market-rate units up for grabs at 1133 Manhattan Ave. in Greenpoint, officials said.

The whopping 58,832 number of applicants vying for their slim shot at easier living is the highest this year out of all four city lotteries taking place in every borough but Staten Island.

“That right there really underscores the urgency of the affordability problem in the city,” said Jonathan Miller, CEO of appraisal firm Miller Samuel.

“There's such a disconnect with what’s available on the open market versus affordable,” he said.

The $67 million mixed-use development will have 210 available rental units when construction is finished at the end of the year, officials said. Half of them will be sold at market rate.

There will be 42 units set aside for cash-strapped families who earn at or below $29,050 per person, officials said.

Another 63 apartments will be available for families making at or below $101,675 per person.

The lucky lottery winners have not been picked yet, city officials said.

Those selected could pay between $647 and $2,405 for two-bedroom monthly rentals.

Rent for an average two-bedroom apartment in the neighborhood typically runs between $2,600 and $3,200 a month, according to Bram Lefevere, vice president of brokerage Miron Properties.

“A lot of the people who want to stay in Greenpoint are getting priced out,” he said.

The ground floor of the building will have 8,000 square feet of retail space. It will also be loaded with luxury amenities like a lounge, media room, fitness center, roof terrace and on-site management and parking.


The Brooklyn building is another example that citywide demand for affordable housing is far greater than the limited supply.

Nearly 50,000 hopeful tenants applied to win one of the 100 lottery spots in a soon-to-open Harlem development.

In May, Mayor de Blasio announced a historic $41 billion plan to create or preserve 200,000 units of affordable housing over 10 years.

For a complete list of open housing lotteries and applications, visit www.nyc.gov/housingconnect.com.
Any expressed market opinion is my own and is not to be taken as financial advice
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goldbug
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When things get really bad, government intervenes. The rent controls instituted here in Australia last century will no doubt come back as I'm sure the government would prefer to see a few million wealthy landlords take a hit than see millions of under-employed aussies put out in the street.

Just another factor most investors don't factor on in their rush to get on the mortgage debt ladder.
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
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