Housing Lottery Opens For Nine Rentals in Tower on Former Moscot Site

Image: Alexander Gorlin Architects.

Image: Alexander Gorlin Architects.

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.

The application deadline is Sept. 19. Go to Housing Connect for more details.

Affordable Apartment Watch: Stuy Town & Peter Cooper Village

Photo by Alec Jordan; cropped by Beyond My Ken (talk)/Wikimedia Commons.

Photo by Alec Jordan; cropped by Beyond My Ken (talk)/Wikimedia Commons.

A lottery opened today for rent stabilized apartments at Stuyvesant Town and Peter Cooper Village. It’s a result of a deal between the city and Blackstone, the housing development’s new owner, to preserve 5,000 units for affordable housing.

As apartments become available, applicants will be drawn from the wait list. Applications need to be in by March 31. The wait list will contain 15,000 names.

There are specific eligibility requirements. Several examples were offered in the application materials. In one case, a one-bedroom apartment costing $1296/month would be available to couples earning a household annual income between $38,880-$55,280. In the other example, a one-bedroom running $2,673/month would be set aside for couples earning a household income of between $80,190-$114,015. These income-range samples are based on 2015 AMI (Area Median Income).

For more application info, click here.