March 21, 2022 By Czarinna Andres
Thirty-six units in a luxury building by the Astoria waterfront are up for grabs as part of an affordable housing lottery.
The lottery opened last week and applicants who want to live at the 11-37 31st Ave. development— known as Astoria West—have until May 19 to apply.
The units are not for low-income earners. To qualify, applicants must earn 130 percent of the Area Median Income—or $77,000 for an individual through to $167,600 for a family of five—to be eligible for a unit.
The rents range from $2,250 per month for one bedrooms to $2,950 a month for two bedrooms.
The units are part of the Astoria West development, a 522,000 square foot development spread across three buildings that has 534 rental units. The property has views of the Manhattan skyline and the Hell Gate Bridge and is on 2.5 acres of waterfront property.
The development is a short walk to the ferry and is near Socrates Sculpture Park and the Noguchi Museum.
The development, a joint venture between Cape Advisors and Wainbridge Capital, features 40,000 square feet of amenities, including a rooftop pool club, lounge area and a deck with panoramic views. The development features a landscaped courtyard, fitness center, yoga and dance studio, and co-working communal spaces.
Each apartment has been designed to take advantage of natural light, with the living rooms and bedrooms featuring 9-foot ceiling heights. The units also have wide plank style floors, central heating and cooling, and an in-home washer and dryer.
The developers will be offering lottery winners a number of incentives to move in, including two months free on a two-year lease or one month free on a one-year lease. Furthermore, residents who sign a two year lease will be reimbursed up to $1,000 in moving expenses.
This will not be the only lottery for units in this development, according to reports. There will be other “affordable” units on offer. The developers are anticipated to receive a Tax Exemption through the 421a Tax Incentive program for offering the “affordable” units.