Lottery opens for 21 co-op apartments in Chelsea, from $385K

In 1976, the city seized four neglected buildings in Chelsea through a tax lien foreclosure with plans to renovate and turn the rentals into affordable co-ops. Fifty years later, the tenements at 201-207 7th Avenue have been demolished, and a new nine-story residential building (with the address 170 West 22nd Street) has risen in their place. The city on Monday opened a housing lottery at the site for 21 middle-income co-ops for purchase, priced from $385,865 studios to $451,600 two-bedrooms.

The city took control of 201, 203, 205, and 207 7th Avenue in the 1970s after the owner stopped paying property taxes. The four contiguous buildings, which were built in the late 19th century, held 14 apartments and ground-floor retail. Shortly after the city took possession, the buildings were entered into the Tenant Interim Lease (TIL) program. In the 1980s, the buildings left the TIL program and were managed by the city’s Department of Housing Preservation and Development (HPD); they then reentered TIL in 1997, and tenant relocation began in 2008.

The buildings were then moved to the city’s Affordable Neighborhood Cooperative Program (ANCP) with a developer designated in 2013. After finding the “developer was not performing satisfactorily,” according to the city, Asian Americans for Equality (AAFE) was chosen as the new developer in 2017. The final tenant was relocated sometime in 2019.

Starting in 2022, the four buildings were demolished, and construction began on a new 9-story building. The new tower at 170 West 22nd Street was transferred from the city to Restoring Communities HDFC when construction began; it was repositioned to a newly formed Housing Development Fund Corporation (HDFC).

“Across four decades, AAFE has been dedicated to creating affordable housing in collaboration with the community,” Thomas Yu, executive director of Asian Americans for Equality, said.

“As New York City confronts our growing affordability crisis, AAFE is determined to continue innovating ways to build all types of affordable housing, including homeownership opportunities. In Chelsea, we are especially proud of a project that has replaced a neighborhood eyesore with a project enabling 26 families (both existing and future residents) to achieve the dream of homeownership.”

There are 26 total units, with five occupied by returning households who were relocated. As 6sqft previously reported, the relocated residents will be able to purchase the new homes for $2,500 or $250, depending on income qualification.

The remaining 21 apartments are designated for New Yorkers earning 110 percent of the area median income, or between $103,820 and $192,500 annually. Studio, one-, and two-bedroom units range in price from roughly $385,865 to $451,600. Eligible buyers should have 3 percent of the purchase price available for a down payment.

The structure features a stone and brick facade and several sustainable design features, like energy-efficient mechanical systems and thermal insulation. Amenities include a shared terrace and recreational space on the eighth floor, a shared courtyard, on-site laundry, a bike room, and an elevator.

The development cost $25.7 million. According to The Real Deal, HPD subsidies for the project surpassed $16 million, and two nonprofits, Enterprise Community Partners and the Low Income Investment Fund, provided an $8.2 million construction loan.

“170 West 22nd Street delivers something increasingly rare—and desperately needed—in New York City: a real path to homeownership,” Elise Balboni, executive vice president and head of Lending and New Markets Investments at Enterprise, said.

“For nearly 40 years, Enterprise has supported AAFE and its mission. We’re proud to stand with them now on a project that demonstrates how innovative community-centered solutions can expand access to housing in even the highest-cost neighborhoods.”

Two informational webinars on the co-ops and application process will be held on December 8 and January 12. Seminar attendance is not mandatory to purchase.

• Monday, Dec. 8 at 6:00 p.m. Register here: https://us06web.zoom.us/meeting/register/qmjaU8hcQWC-4NPDGj0Yew

• Monday, Jan. 12, at 6 p.m. Register here: https://us06web.zoom.us/meeting/register/zQR2Mt6vS5eTg0So_2_eJA

Qualifying New Yorkers can apply for the co-ops until January 28, 2026. Find more details on how to apply here.

Questions regarding this offer must be referred to NYC’s Housing Connect department by dialing 311.

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• Affordable homeownership project will bring 26 new co-ops to a blighted Chelsea corner