Affordable Upper East Side Apartments For Sale On Housing Lottery

UPPER EAST SIDE, NY — Ten affordable apartments have been listed for sale in a newly constructed building on the Upper East Side, offering a rare shot at homeownership in the normally pricey neighborhood.

The apartments at 1402 York Ave. were listed Thursday on Housing Connect, the website for the city's affordable housing lottery.

They include eight studio apartments selling for an estimated $50,161 each, available to people making no more than 63 percent of the area median income — between $43,488 and $52,668 for a single person, or up to $60,165 for two people.

Another two studios will sell for about $96,386 each, and are open to the same income bands.

Half of the units will be reserved for residents of Community District 8. Each apartment also has a maximum asset limit, and buyers must pay 10 percent of the purchase price as a down payment.

Eligible New Yorkers can apply online before the June 29 deadline. Kallos's office will host informational sessions at 6 p.m. on May 19 and June 16. (More information below).

A deal with the city

This week's listing came nearly four months after the lottery was first announced by City Councilmember Ben Kallos, who initially said they would be open for applications by Christmas.

That delay was a result of pricing disagreements between the developer and the city's Housing Preservation Department, as well as fluctuations in the city's real estate market during the pandemic, according to a spokesperson for Kallos.

The apartments listed this week are pricier than initially advertised: last fall, officials said the units would cost as little as $23,972.

The affordable apartments were made possible after the City Council last November approved a tax exemption for the 10 apartments at 1402 York, a new 11-story building near East 74th Street.

Kallos said he negotiated a deal between the city and developers Beach Path and Hirschen Singer & Epstein LLP to secure the apartments.

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.

The building was constructed through the city's Inclusionary Housing program through HPD, 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.

To join Kallos's May 19 information session, click here and enter meeting code 129 996 3049, password 4hBYRmtp26n. To join by phone, dial 646-992-2010 and enter code 1299963049##.

For the June 16 meeting, click here and enter meeting code 129 075 9699, password 3RGeuPabp23. To join by phone, dial 646-992-2010 and enter code 1290759699##.

Previous coverage: Rare New Affordable Apartments To Be Sold On Upper East Side