UPPER EAST SIDE, NY — A newly constructed building on the Upper East Side will soon offer apartments for sale at stunningly low prices, city officials announced this week.
The City Council on Wednesday approved a tax exemption for 10 studio apartments at 1402 York Ave., allowing those units to be sold to households making at least 80 percent of the area median income — $63,860 for an individual or $72,800 for a couple.
That works out to estimated sale prices ranging from $23,972 to $64,437. Applications will be listed on the city's Housing Connect lottery site by Christmas, according to City Councilmember Ben Kallos, who negotiated with the city and developers Beach Path and Hirschen Singer & Epstein LLP to secure the apartments.
"Being able to buy a studio on the Upper East Side for $23,000 is unheard of," Kallos said. "The last person who was able to buy a studio on the Upper East Side for that much was probably 50 years ago."
Since the apartments are limited-equity co-ops, future buyers will also be income-restricted, meaning the initial buyers will likely be unable to sell their apartments for a windfall decades from now, Kallos noted.
An 11th apartment on the ground floor will also have a sale price cap, but not as low as the 10 affordable units, Kallos said.
The building, located on York between 74th and 75th streets, was constructed through the city's Inclusionary Housing program through the Housing Preservation Department, and designed by Kossar + Garry Architects at a cost of about $9 million.
Building amenities include a fitness center, roof terrace and bicycle storage room, while each apartment has a washer-dryer hookup and large, street-facing windows.
Kallos said his office plans to spread the word about the apartments once the online lottery opens later this year, in hopes of seeing residents move in by early 2021.