Beginning today, you can apply for nine below-market rate apartments in the new 12-story tower going up on the former site of the Moscot eyewear store at 118 Orchard St.
Applications may be submitted through a city-sponsored housing lottery. There are eight 1-bedroom units available to individuals and families earning between 70% and 130% of Area Median Income (AMI). This year, New York City’s AMI is $96,100. One 3-bedroom apartment is available to households making 130% of AMI. To be eligible for a one-bedroom units, you’d need to earn between $38,229 and $124,930 annually (click here for more details). Monthly rents in those units will range between $1,115 and $2,289 per month.
The building is being developed by Helm Equities. There are 29 residential units and ground floor retail. The real estate firm purchased the property in 2012 for $4.8 million and also purchased air rights. Moscot was located at 118 Orchard St. for more than 80 years. Moscot moved to a new space on the south side of Delancey Street.
