Friday, February 9, 2018

Extell's new development at 524 E. 14th St. launches lottery for 50 affordable units


[Rendering of 524 E. 14th St. looking to the west via Extell]

Extell Development announced yesterday that the application process for 50 middle-income units at 524 E. 14th St. is now underway. (H/T 6sqft!)

This is the smaller of the two retail-residential buildings that Extell constructed between Avenue A and Avenue B. No. 500 at the corner of Avenue A is the larger of the two developments, and will be home to the small-format Target store.

As for the housing at No. 524, Curbed breaks it down here:

There are a total of 50 affordable apartments up for grabs at the rental with apartments being offered in studio through two-bedroom variants. Rents start at $1,114 for a studio, which is definitely a bit on the pricier side for affordable units, but this is the East Village after all. Rents on one-bedrooms start at $1,196, and two-bedrooms start at $2,733, from the information we have so far.

The affordable rentals are being offered in two groups: people making 70 percent of the area median income and 130 percent of the area median income, which translates to anywhere between $40,080 to $124,020 depending on various family sizes.

For an additional fee, residents will also have access to amenities like a fitness center, a children’s play room, an indoor pool, a residents lounge, and a steam room.

Speaking of the pool! Here it is (complete with apparitions) ...


[Rendering by McGinley Design]

Nice, but it's no Blarney Cove Cove.

Anyway, qualifying residents can apply for the middle-income units until April 11, 2018. You can find the application and other details here (PDF).



To date, Extell hasn't released any leasing information for the other residential units.

Previously on EV Grieve:
New 7-floor buildings for East 14th Street include 150 residential units

Target offers details about its flexible-format store opening summer 2018 on 14th and A

The disappearing storefronts of East 14th Street

14 comments:

JQ LLC said...

"Rents start at $1,114 for a studio, which is definitely a bit on the pricier side for affordable units, but this is the East Village after all."

That's funny, because in the same neighborhood there is NYCHA public housing after all. But it doesn't play much of a factor or make an affordable dent in the area median income which determines these rates. Speaking of NYCHA, apparently our mayor didn't deem to include it in his plan to preserve 200,000 affordable apartments.

Recent city sanctioned and paltry affordable housing offers are getting more pricier, it's all a big scam. $1,100 is not affordable and these towers are not sustainable, judging by that old cove cove photo. The next Sandy is going to soak that building's foundation.

NOTORIOUS said...

Great idea to incorporate the Blarney Cove’s cove into the building’s ambiance. Having that brackish, undrainable pond bubble up via a fountain in the lobby is kinda neat.

Anonymous said...

Disagree, market rent studios rent from 2000 to 3800 in this area. It's great these much more affordable rentals are available. Feel very fortunate if you get one. Thank god every day if you get one.

Anonymous said...

I wish they set aside a certain number of them for local residents, people who already live in the neighborhood, like they do with other lotteries.

Anonymous said...

I think the separate fee for the amenities (if the market rate tenants do not have to pay it) is a bit off. You can live here, but you are not allowed to swim in the pool.

Anonymous said...

How many units total are in the building and how many units are allotted for the lottery ? Is the whole building affordable housing ? It’s not clear

Anonymous said...

@11 52 The article clearly states 50 affordable units available and the the chart is clear as day on the breakdown

Anonymous said...

Rents start at $1,114 for a studio? I am pretty sure it's higher than that and probably doesn't include a kitchen or bathroom.

cmarrtyy said...

The rental prices are low for Manhattan. But 60 to70 thousand people will apply for the apts. The mayor's housing plan is a game of musical chairs. Some people will save on rent and get more space. Then their old apts are cleaned up and the landlord charges market rates. So who wins? Certainly not the public.

Anonymous said...

There seems to be a trend with these new partially affordable developments to making sure lower middle families are not invited. Is this a bias that can be challenged in a court?

Anonymous said...

@4:27pm: Bingo! You hit the nail on the head.

Anonymous said...

If their old apts are rent controlled, they won't go for market rates. If they are not, they go for market rates already. Stop with the bitching, and say thank you for having this mayor instead of the two previous ones.

sophocles said...

1:17 am: Rent-controlled apartments will not say rent-controlled after vacancy. Rent-stabilized apartments can go to market rates. Please do some internet research so people can keep "bitching."

Anonymous said...

Good question. None of these apts are for lower middle class or homeless.