A lottery closes soon for a chance to buy an affordable apartment in Kips Bay. There’s an opening on the waiting list for a one-bedroom at East Midtown Plaza.
This is an opportunity to buy shares in a Mitchell-Lama cooperative, which allows residents to live in their apartment until they sell their shares back to the co-op. At that point, they get back the purchase price they paid, plus any capital assessments such as fees for building upgrades.
Mitchell-Lama developments are designed to make housing ownership affordable for moderate- and middle-income New Yorkers as well as low-income families. That’s why the range of qualified applicants for this lottery is so wide — from just over $25,000 to over $190,000.
Here’s what to know before the deadline.
Mitchell-Lama East Midtown Plaza
Applications close: Aug. 3
Address: 333 E 23rd St.
Eligible income: $25,502 to $190,875
Estimated purchase price: $58,774 to $88,609
Monthly maintenance: $638 to $862
The building is located at 333 E. 23rd St., just around the corner from New York University’s College of Dentistry, near the border of Stuyvesant Town-Peter Cooper Village and within walking distance to the East River.
To be eligible, you must be 18 or older and a New York state resident, be financially responsible (based on factors such as your credit history), meet the income and household size requirements. For this one-bedroom unit, one person and up to three people can live in the apartment.
The lottery will randomly select 300 applicants for the waiting list. Applicants will be disqualified if they or another member of their household apply more than once.
How to apply
To apply online, click the “Apply Now” link in NYC Housing Connect.
You can also apply by mail by sending a regularly mailed postcard or envelope to:
P.O. Box 158
New York, NY 10272
Make sure your full name, current address, date of birth and the bedroom size lottery you are applying for is printed clearly, or you may be disqualified.
If you are drawn from the lottery for the waitlist, you will be asked to submit paperwork and a $75 nonrefundable deposit and application fee.
