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More than 92,000 people apply for a Hunters Point South affordable apartment

Hunters Point South building

Jan. 1, 2015 By Christian Murray

It’s going to be a long shot.

More than 92,000 people applied for an affordable apartment at the Hunters Point South development, significantly more than the 50,000 applications expected.

The lottery for the two buildings, being built at 1-50 50th Ave. and 1-55 Borden Ave., opened October 15 and ended Dec. 15.

Successful applicants will be notified by mid February after an automated lottery is held.

Interest in the luxury — yet “affordable” — apartments has been strong from the get-go. When the developer, Related Companies, held seminars throughout the district explaining the lottery process every venue was packed.

“This is the best apartment deal in New York City,” said Frank Monterisis, the senior vice president of Related Companies, at one of the seminars. He said that the two buildings—one 37-and the other 32 stories–would include amenities such as outdoor roof decks, a fitness center, a children’s playroom and pet amenity space.

Most of the apartments—738 out of the 924–are for moderate income earners.

However, the rental rates for these apartments are not as low as what people initially hoped.

A studio apartment for moderate income earners will rent from $1,561-$1997, a one bedroom from $1,965-2,509, a two-bedroom $2,366-$3,300; and a three bedroom $2,729-$4,346.

Nevertheless, these rental figures are lower than prevailing market rates for similar waterfront apartments.

In a recent report released by Modern Spaces, a Long Island City brokerage firm, the average studio apartment in a luxury Long Island City building is currently renting for more than $2,400, while one bedrooms are going for about $3,000, and two bedrooms for $4,100

affordablerents affordablehousingmoderate income

Modern Spaces is an advertiser with this site.

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11 Comments

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David

There is always a line for a free lunch. I wonder what I get in return for indirectly subsidizing these people?

Reply
Wrong

The building owners exclusively pay every subsidized cent out of their own pockets? Riiiiiiiiiiiiight. You should take that act on the road.

Reply
Nothing uglier than a whiny 1%'er

When all you con artist financiers and trust funders start paying the same taxes on your income and investments that school teachers, cops, nurses and firefighters pay on theirs, you’re allowed to complain. Until then, shut your noise.

Reply
1% er

Hmm…. i thought the tax brackets were higher as income levels increased. Guess I have been wrong all these years.

Reply
Anon

Not if you make most of your money from capital gains and get many more tax deductions than people earning a modest salary do.

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