40-05 Crescent St. (NYC ZoLa)
Nov. 8, 2018 By Nathaly Pesantez
A new “affordable” housing lottery has opened for a Long Island City development, where 10 units are available starting at more than $2,000 in monthly rent.
The units are being offered at 40-05 Crescent St., an upcoming five-story building known as the “Crescent Iron House,” and housing 32 apartments.
Most of the units up for grabs are one-bedrooms, with a small portion going to studios and two-bedrooms.
Two studios are available at $2,125 a month, and require an income between $72,858 and $95,030 for a single person. The income range goes up to $108,550 for a household size of two.
The six one-bedroom units are priced at $2,277 a month, and are available for household sizes of up to three people. The minimum income to qualify begins at $78,069 and goes up to $122,070.
The remaining two-bedroom units go for $2,741 for household sizes between two and five people. An annual household income starting at $93,978 is required to qualify.
The upcoming building includes 48 underground parking spaces, a bike room, gym, rec room and laundry room.
The applications are open to all, with a general preference for those who live in New York City and no special preference for local residents within the community board confines.
Some preference, however, is given to mobility-disabled applicants and those with vision or hearing disabilities.
To apply, visit Housing Connect online. Applications can also be sent by mail by following the instructions on the housing application flyer.
Applications must be postmarked or submitted online no later than Dec. 3, 2018.
The developer is expected to receive a tax exemption as part of the city’s 421-a program, where the city gives a tax break to builders in exchange for providing some below market-rate rental units in the development.
Construction on the site should be wrapping up by year’s end, according to City Realty.
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39 Comments
I basically make $2100 a month. How is this affordable?
I’m tired of NYC catering to trust fund Ohioans with these ridiculously priced so-called “affordable” housing units and purposefully ignoring their very own natives who are being pushed out of their own neighborhoods because that price point is not affordable to the average working class. Yet these idiotic rental prices are becoming the norm since the Stephanies and Pauls from Michigan are stupidly willing to pay that much for a closet-sized studio all because “2125 for a sTuDio iS a StEaL!”
> DAE think transplants bad?!
Hot take
That is super affordable to Amazon employees.
It’s affordable to the new Amazon employees that will be moving there
Good point, 25k new high-paying jobs for New Yorkers is a bad thing.
You mean 25,000 high paying jobs for out of state tech hires and Seatle employees transferring. The only benefit New Yorkers will get will be low wage short term jobs and increased rent.
Is there any reason to believe that? Did they announce a ban on hiring New Yorkers?
I wonder what percentage of people that apply for these low income housing units scam their way in by faking their financials. I see residents from these rent controlled buildings walking in and out with their $1,500 strollers and getting into their $70,000 Mercedes, etc. How are they able to afford all this on low income?
Despite the “affordability” complaints, really not that difficult in NYC to fill 10 units at these prices.
Hey, I won an “affordable housing” studio in LIC, and I couldn’t be happier, considering a *room* in most apartment shares don’t go below $2,000 anymore. For the market rate (which that is, sadly), I get to live alone like a grownup, with a separate kitchen, in a doorman building with new construction in a beautiful part of town. And even if my income increases, I am safe from huge rent increases. I consider myself truly lucky.
Obviously this structure doesn’t work for everyone but for does for many in a city as densely populated as NYC. Not being subject to rent increases is meaningful, also if you start making too much money, you are locked in and continue to live in apt at “affordable” rates.
You are part of the problem
How am I a part of the “problem”? I lived in the SOUTH BRONX for 4 years before winning this lottery. Moving to Long Island City was like moving to Earth from the Moon; and it was all because of my limited income. Applying for the lottery the minute I landed in the Bronx (having gotten priced out of Greenpoint) saved my quality of life and sanity. Don’t hate.
By next year all these “affordable” units will still be sitting unrented and added to the glut of the remaining units offered with concessions to attract anyone of any income to come bailout the greedy under water investors that built this development. Greed has no place in our society. Offer something that is actually affordable for the hard working working class that maintain society and keep it afloat with little compensation rather than rob them of every last penny of the hard earned money they make. Disgusted!
A solid post, one of the best I have read in a long time, BRAVO !!!!!!!!! Weel said Bill.
Isn’t that the truth? I love seeing how empty all those new high-rises are. “Affordable” to who? Trust fund babies?
Great comment, thanks for speaking the obvious truth.
Your paying for the neighborhood top dollar gets u the best living conditions.
If affordables are those rediculeous numbers….can’t imagine what the regular folks will pay…???? WOW…and they will pay it too. Who are these people?
You gotta be kidding me. Affordable for whom? Not poor folks. They can’t meet those income guidelines at $7.25 an hour or even $15 an hour. This is disgusting. The developer makes a profit, but the occupants can’t break even with their budget.
THIS BILL NEEDS TO GET SUPPORTED AND PASSED BY EVERY ELECTED OFFICIAL!! “Senator Michael Gianaris and Assembly Member Brian Barnwell, have introduced legislation (S4458/A5505) that would reform the current area median income (AMI) formula used to determine affordability for housing projects. The bill would require the state to calculate affordability for housing projects, such as 421a, using the area median income from the zip code where the building is located, as opposed to the current formula which calculates affordability based on the AMI of all the boroughs of New York City, Westchester, Putnam and Rockland counties.”
Should of let the market dictate it. No one would move in, they would drop the prices. Now the developers got a tax break.
What the hell is “affordable” about those OUTRAGEOUS prices for renting a studio or a 1 bedroom?!?! ??
That is RIDICULOUS!! Vast numbers of people CANNOT affordable that! Imbecile developer, don’t try to do us any favors because you’re actually NOT! SMH Unreal!
more info on this building, but from April 2015, so may be outdated.https://newyorkyimby.com/2015/04/revealed-40-05-crescent-street-long-island-city.html
This really is ridiculous. The City needs to stop this sham of “affordability.” What is being offered is deeply flawed on several levels. For starters, the household median income in Long Island City & Astoria is $56, 201. You cannot even qualify for this housing, even as a single person, unless you make at least $72,858. So more than half of all households in this area would not even qualify, let alone afford this “affordable” housing. I don’t often label things as “scams” but surely that is what this is. Developers get tangible benefits for offering “affordable” housing, so that the City doesn’t have to spend money to build that housing itself. However, the rules allow qualifications and rents to be set so that those who really really need affordable housing can’t even participate in the lottery. There is something deeply wrong with this.
You call that affordable?! Those are market rates and the income ranges are beyond what the person who needs affordable housing can afford. Really?
Wow really, they state no special preference for local residents who reside within the community board confines. At those prices geez, that is not affordable. And the developer gets a tax break? Please!
Only a true A-Hole would pay that for a studio apartment. Now the fact that they get tax breaks and offer this crap as affordable housing is ludicrous.
WTF BS AHoles S we need to take our neighborhood back and charge them $2174 a month for 700sf. BS
A studio for 2125!! Affordable for who. Such bull
$2,741? What’s the “affordable” part?
“AFFORDABLE ” BULL DINKY. Who are they kidding?????? people now see why there are so many homeless and there will be more if this is considered :AFFORDABLE”. Now you see DumBlasio’s “AFFORDABLE” housing and why so many say it is not affordable. This STUPID DEVELOPER is getting a TAX BREAK FOR THIS !!!!!!!!!!!WOW!!!!!!!!!!!!
Developers and DeBlasio in each other’s pockets! It is called reciprocity. You fill my pockets, I’ll fill yours. Time to get him out of office. It is overdue.
Agreed, it’s appalling how many developers, like Trump, are getting rich off tax breaks for the rich, like the ones Trump enacted.
You hate luxury developers and tax breaks for the rich so much, surely you’d never support him right? Otherwise you’d be a giant hypocrite!
This affordable housing nonsense is such a scam. In which alternate universe is $2125 for a studio affordable?
What’s “AFFORDABLE ” about it when a studio apartment is going for $2,125? Pathetic!!!
I agree affordable for the rich!!!!
Get a job !!!