This week, we are featuring a Housing Connect lottery for three walk-up buildings on the Lower East Side: 406 E. 10th St., 533 E. 11th St. and 195 Ave. C. The buildings offer 21 studio, two-bedroom, and three-bedroom apartments.
Lottery winners will get the chance to buy these units at prices well below market rates.
The prices are:
- Studio: $260,582.00
- Two-bedroom $334,556.00
- Three-bedroom: $386,372.00
Buyers need a 3% down payment, which is significantly less than the average 20% down payment expected in co-op buildings.
The energy-efficient buildings were recently gut-renovated as part of a joint project by Asian Americans for Equality (AAFE) and NYC’s Department of Housing and Preservation (HPD). The multifamily buildings were distressed city-owned properties, so the HPD financed the rehabilitation to create affordable co-ops. According to a statement on AAFE’s website, earlier this year, 23 households that lived in the building prior to its renovations were allowed to move back in. They will now be joined by families that apply to this lottery and win.
Eligible households must earn between $83,016 and $211,860. You must also be a first-time buyer. Lottery winners are expected to be able to move in during the summer and fall of 2025.
This lottery closes on Feb. 13, 2025. You can apply here via Housing Connect.
See more of our housing stories here.
