If you pass by the intersection of East Houston Street and Avenue D with any frequency, you’ve no doubt noticed this building, known as Alphabet Plaza, nearing completion. The complex features ground floor retail and 135 apartments, including 30 affordable units. The city’s Department of Housing Preservation and Development is putting the word out about the upcoming lottery for eligible prospective tenants.
Under NYC’s affordable housing program, studios will rent for $847; one bedrooms are priced at $909; 2-bedroom units are $1101. Applicants need to meet income requirements (annual household earnings ranging from $30,000 to nearly $60,000 for the largest units). Residents of Community District 3 (including the Lower east Side and Chinatown) will be given preference for the apartments. Click here for application information.
Alphabet City includes a 24-hour doorman, valet services, a fitness center and roof deck. Market rate rents will reportedly range from $2500-3600. EV Grieve has been keeping a close eye on construction during the past year.
The development parcel, encompassing 5-9 Avenue D and 306-310 E. Second St., was purchased in 2012 for $21 million. The original proposal came before Community Board 3 in 2010, generating some controversy. Some locals concerned about gentrification objected to the prospect of a luxury building on Avenue D. The affordable units were created through the city’s inclusionary housing program.