Glenwood Management has just launched their affordable housing lottery for 52 below-market rate apartments within their soon-to-debut rental tower at 175 West 60th Street. Situated within the Lincoln Center area of the Upper West Side, 20 percent of the building’s 257 units will be set aside for low-income residents and will range from $566/month studios to $931/month two-bedroom units.
The Leonard Litwin-run development team purchased the vacant lot at the northeast corner of Amsterdam Avenue and West 60th Street for $75 million in 2011. The parcel belongs to a superblock mostly owned by Fordham University who, after winning approvals to add 2.35 million square feet to its Lincoln Center campus, spun off the westernmost lots to finance their ongoing expansion.
Designed by Stephen B. Jacobs Group, 175 West 60th Street will have a traditional floor plate layout of six apartments per floor from the fourth to 46th levels. Typical of most of Glenwood’s new developments, the exterior is clad in creamy cast stone and brick, and corners are mostly glazed with floor-to-ceiling windows. The building is situated just one-and-a-half short blocks away from Lincoln Center for the Performing Arts, one avenue away from the Time Warner Center and Columbus Circle, and two avenues from Central Park.
There will be five studio apartments available for single persons with annual gross incomes of $20,167 to $24,200 ($566 monthly rent) and $25,200 to $30,250 ($717 monthly rent); 30 one-bedrooms for 1-2-person households with annual incomes ranging from $21,600 to $34,550 ($608 or $770, depending on income); and 17 two-bedroom units for 2-4-person households making between $25,900 and $43,150 ($737 or $931).
No word on the amenities available for residents of the below-market rate units (hopefully there’s not the same issues as Extell’s infamous “poor door” building), but filings do show the building will have bike storage, an on-site super, children’s playroom, lounge, laundry room, and a spectacular amenity floor on the 48th level that will have a swimming pool and whirlpool. Also no word on pricing for the remaining market-rate units, but it will most likely be comparable to the similarly amenity-laden Hawthorn Park rental next door, where available apartments range from $3,479 for a studio to $16,500 for a two-bedroom spread on the 52nd floor.
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Renderings courtesy of Stephen B. Jacobs Group
Neighborhoods : Lincoln Square