BY JACKSON CHEN | A 36-story luxury high rise on East 92nd Street is in the process of filling its 47 affordable housing units through an application lottery.
The affordable options at 205 East 92nd Street break down into four categories based on annual household earnings. For the cheapest one-bedroom option that comes in at $607 a month, the household annual income must fall between $22,218 and $24,200 for a single applicant and $22,218 and $27,640 for a two-person application.
While there are only three units available at $607 a month, the luxury building offers 17 units for another one-bedroom option that costs $769 a month. The more expensive one-bedroom units require tenants to fall between annual incomes of $27,772 and $30,250 for one-person applications, and $27,772 and $34,550 for two-person applications.
As for the two-bedroom options, 205 East 92nd Street offers five units, at $736 a month — looking for incomes between $26,775 and $34,520, depending on the household size — and 22 units at $930 a month, which require annual income ranging from $33,326 to $43,150, depending on the number of tenants.
While the monthly rents of all the units include gas, the tenants are expected to pay electric bills. The building will also offer a host of amenities like a 24-hour doorman and concierge, washer-dryer units in each apartment, and terraces. According to the application, the building will also have party rooms, a children’s play space, a teen lounge, and storage units that will cost additional fees.
While the deadlines for NYC Housing Connect’s online and mail-in applications are February 1, the building is still under construction. According to the city’s Housing Preservation and Development agency, the selection process will begin in April 2016, followed by tenant move-in during the summer of 2016.
In its selection process, the building will be giving preference on 50 percent of the units to residents within Community Board 8’s district that generally spans from East 59th Street to East 96th Street and from the East River to Fifth Avenue.
Additionally, five percent of the affordable housing units will give preference to municipal employees. Five percent of the units will be set aside for mobility-impaired applicants, as well as another two percent for applicants with visual or hearing impairments.
The offering of the affordable housing in the 230-unit tower was incentivized by the city’s 80/ 20 program, where developers offer 20 percent of their units as affordable housing in return for tax-exempt financing through the state’s Housing Finance Agency.
On the building’s lower floors, it will host an Equinox Gym, a small ground floor retail space, a public plaza, and Windward School, a grades 1 to 9 school for students with dyslexia, according to city records.
