Monday, 15 August 2016

Pricey West Chelsea gets infusion of affordable housing with new lottery

These High Line rentals are a rare affordable option in the pricey neighborhood

Lalezarian Properties’ once-mysterious three-tower development along the High Line—a product of the Bloomberg administration’s 2005 Far West Side rezoning policy—is still in the works, but one crucial sign of its impending completion is here: 6sqft reports that starting tomorrow, qualifying New Yorkers can apply for (extremely well-located) affordable housing in the new towers.

Just down the street from Zaha Hadid’s curvy condo where the penthouse is going for a cool $50 million, the project that’s officially been christened the Maestro Chelsea West will offer 75 affordable units with initial costs ranging from $596/month for a studio to $979/month for a two-bedroom. Amenities for the rentals include a rec room, a roof deck, and a gym. (Plus, you know, the High Line.)

For a shot at a unit, applicants must earn 40 or 50 percent of the area median income (the full eligibility requirements are here). Meanwhile, market-rate rentals in the towers are slated to go for a whopping $5,000 to $6,000 for a one-bedroom.

The project straddles the High Line, with a 35-story, 220-unit tower at 323 Tenth Avenue, and two adjoining 13-story buildings at 507 West 28th Street that provide an additional 155 rentals. All three buildings will have ground floor retail space.



from
http://ny.curbed.com/2016/8/15/12487716/high-line-apartments-for-rent-cheap

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