New York CIty Council Member Ben Kallos

Upper East Side Patch Affordable Upper East Side Apartments For Sale On Housing Lottery by Nick Garber

Affordable Upper East Side Apartments For Sale On Housing Lottery

UPPER EAST SIDE, NY — Ten affordable apartments have been listed for sale in a newly constructed building on the Upper East Side, offering a rare shot at homeownership in the normally pricey neighborhood.

The apartments at 1402 York Ave. were listed Thursday on Housing Connect, the website for the city's affordable housing lottery.

They include eight studio apartments selling for an estimated $50,161 each, available to people making no more than 63 percent of the area median income — between $43,488 and $52,668 for a single person, or up to $60,165 for two people.

Another two studios will sell for about $96,386 each, and are open to the same income bands.

Half of the units will be reserved for residents of Community District 8. Each apartment also has a maximum asset limit, and buyers must pay 10 percent of the purchase price as a down payment.

Eligible New Yorkers can apply online before the June 29 deadline. Kallos's office will host informational sessions at 6 p.m. on May 19 and June 16. (More information below).

A deal with the city

This week's listing came nearly four months after the lottery was first announced by City Councilmember Ben Kallos, who initially said they would be open for applications by Christmas.

That delay was a result of pricing disagreements between the developer and the city's Housing Preservation Department, as well as fluctuations in the city's real estate market during the pandemic, according to a spokesperson for Kallos.

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