Affordable Housing

Here's a chance to buy a LES condo for as little as $225,000

Non-discounted one bedrooms in the new building at 242 Broome St. are listed for $1.6 million.

242 Broome via Manhattan Scout

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Applications are open for the opportunity to buy 11 discounted, income-restricted condos in a new development on the Lower East Side.

The apartments are one, two, and three bedrooms in 242 Broome St., the first building in Essex Crossing, a nine-building complex south of Delancey Street that is set to include 1,000 apartments, office space, and stores. The apartments are set aside for households making $65,000-$138,375, or around 125 percent of the area median income, with one bedrooms priced at $224,861.

Applicants can't have more than $166,950 in assets plus the required down payment amount.

Full eligibility and pricing details are here:

The development is being built on urban renewal lots reportedly kept vacant for decades by former Assembly Speaker Sheldon Silver, ousted following his conviction on corruption charges that were overturned on appeal, and disgraced former Metropolitan Council on Jewish Poverty head William Rapfogel, because of their opposition to displaced low-income Puerto Rican people returning to the neighborhood.

Unlike similar housing lottery rental apartments, it's not possible to apply for these through the city's Housing Connect website. To get an application, download one here, or request one by mailing a self-addressed, stamped envelope to Essex Crossing Site 1 c/o Delancey Street Associates at 419 Park Avenue South, Fourth Floor, New York, NY 10016. The applications themselves must be mailed. Do not send more than one, or you could be disqualified.

If you'd like to learn more about the process, the developer is hosting informational sessions on December 12th and January 16th at Seward Park High School Auditorium, from 6:30 p.m-8 p.m. The auditorium is at 350 Grand St.

Note: Brick Underground is in no way affiliated with Essex Crossing. For more information on applying, click here.

 

 

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