From the Times:
Months may pass before the city’s planning commission decides on a 111-block rezoning of the East Village and the Lower East Side. That rezoning could allow for larger buildings on the neighborhoods’ major streets.
But the connective tissue between the neighborhoods, East Houston Street, is already showing signs of change, as for-sale signs go up and buildings fall — whether because of the proposed rezoning or despite it.
The Lee, for example, is a 12-story glass-and-masonry tower rising at Pitt Street on the site of a former boys’ club. Its nearly 100,000 square feet of space will hold 263 rental units, almost all studios.
In recent years, rentals on East Houston, like the hulking Avalon Chrystie Place and the Ludlow, have catered to the luxury market. But even if the Lee does have similarly large dimensions, as an “affordable” complex it is intended for quite different tenants.
For 105 of the units, the rent will be about $700 a month if the renter moves in from a nearby location and earns no more than 60 percent of the median income, or about $30,000, said David Beer, a director of Common Ground, a nonprofit group based in Manhattan and the Lee’s developer. Applications will be accepted starting in January.
So the rents will be a whopping 37% of the take home pay (not counting deductions for insurance or retirement savings if any) of someone making $30,000.
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