Jan. 1, 2015 By Christian Murray
It’s going to be a long shot.
More than 92,000 people applied for an affordable apartment at the Hunters Point South development, significantly more than the 50,000 applications expected.
The lottery for the two buildings, being built at 1-50 50th Ave. and 1-55 Borden Ave., opened October 15 and ended Dec. 15.
Successful applicants will be notified by mid February after an automated lottery is held.
Interest in the luxury — yet “affordable” — apartments has been strong from the get-go. When the developer, Related Companies, held seminars throughout the district explaining the lottery process every venue was packed.
“This is the best apartment deal in New York City,” said Frank Monterisis, the senior vice president of Related Companies, at one of the seminars. He said that the two buildings—one 37-and the other 32 stories–would include amenities such as outdoor roof decks, a fitness center, a children’s playroom and pet amenity space.
Most of the apartments—738 out of the 924–are for moderate income earners.
However, the rental rates for these apartments are not as low as what people initially hoped.
A studio apartment for moderate income earners will rent from $1,561-$1997, a one bedroom from $1,965-2,509, a two-bedroom $2,366-$3,300; and a three bedroom $2,729-$4,346.
Nevertheless, these rental figures are lower than prevailing market rates for similar waterfront apartments.
In a recent report released by Modern Spaces, a Long Island City brokerage firm, the average studio apartment in a luxury Long Island City building is currently renting for more than $2,400, while one bedrooms are going for about $3,000, and two bedrooms for $4,100
Modern Spaces is an advertiser with this site.
