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Long Island City’s Gotham Point North Tower launches lottery for rent stabilized units

Gotham Point Long Island City
Gotham Point. (Photo courtesy of Berlin Rosen)

Gotham Point, a recent development in the vibrant Hunter’s Point South waterfront neighborhood of Long Island City, launched an affordable housing lottery for 463 rent-stabilized units in its North Tower on July 25.

Gotham Point consists of two towers that have 1,132 total residences, with 75% of units priced at affordable rates, senior housing, shared amenities, a community facility and retail space.

The 58-story North Tower, located at 1-15 57th Ave., is estimated to be open to residents in Fall 2022. The deadline to apply is Sept. 28, 2022. People who applied for the South Tower in January 2022 are also invited to apply for the North Tower.

Gotham Point Long Island City
Gotham Point. (Photo courtesy of Berlin Rosen)

 

Bryan Kelly, president of development at Gotham Organization, said that Gotham Point is an inclusive and vibrant community.

“We were thrilled to see such a great response for our South Tower lottery in January 2022. Now, at a time when our city needs housing more than ever, we are proud to launch our North Tower lottery to meet the growing needs of mixed-income community members and families,” Kelly said.

The North Tower has 463 rent-stabilized units, taking into account local community residents, disabled individuals (mobility–disabled applicants: 5%, vision/hearing–disabled applicants: 2%), and senior applicants (98 units) for a percentage of units. Preference goes to residents of Queens Community District 2 (50%) and municipal employees (5%).

The 463 units at the North Tower will be available to a wide range of incomes, ranging from $16,183 to $273,075 — salary requirements vary by household size and are greater for larger households.

Senior residences will be available to individuals across income levels from $16,183 to $96,080.

Prices for the affordable apartments based on AMI (Area Median Income) levels (30% to 165% AMI) range from:

  • $397/month studios to $683/month for three bedrooms for 30% AMI.
  • $738/month studios to $1,274/month for three bedrooms for 50% AMI.
  • $1,250/month studios to $2,161/month for three bedrooms for 80% AMI.
  • $1,643/month studios to $2,841/month for three bedrooms for 125% AMI.
  • $2,070/month studios to $3,580/month three bedrooms for 165% AMI.

The residences are designed by Handel Architects and feature a rooftop terrace, an indoor and outdoor fitness club, co-working lounges, panoramic city and river views, stainless steel appliances, quartz countertops, dishwashers and high ceilings.

The North Tower will also have a public parking garage. Additional fees may apply for some amenities.

The link to the online portal application can be found here. For more information on the North Tower, visit Gotham Point’s website.

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