Applications Open For 11 Affordable Condos in Essex Crossing’s 242 Broome St.
Back in the fall of 2016, sales launched for 44 luxury condominium apartments at 242 Broome St. That’s part of the big Essex Crossing development project. Now applications have opened for 11 affordable condo units in the building, which is located at Broome and Ludlow streets.
While the market rate condos were priced from $1.2 million to over $ 7 million, the new units now being made available are, by comparison, a bargain. According to information released today by the city’s Department of Housing Preservation and Development, estimated prices range from about $225,000 to $332,000. Total annual household income requirements range from $65,000-138,375, or no more than 125% of Area Median Income (AMI).
There are five 1-bedroom apartments, four 2-bedrooms and two 1-bedroom units. You’re only eligible if you’ve never owned a residential property. Residents of Community Board 3 will have a preference for half of the apartments, and former tenants of the Seward Park Urban Renewal Area will have an additional preference. Applications are due by Jan. 31, 2018.
Two information sessions have been scheduled — Dec. 12 and Jan. 16 — 6:30-8 p.m. at Seward Park High School, 350 Grand St.
Essex Crossing will eventually include more than 1,000 apartments, the majority of which will be rentals. 52% of the apartments in the entire project are considered “affordable.” These 11 units are the only affordable homeownership opportunities. 242 Broome St. is scheduled to open next year. For more about the city-sponsored homeownership program, click here.