Lottery opens for 330 middle-income units at 5Pointz towers in Long Island City, from $1,850/month

Posted On Thu, February 25, 2021 By

Posted On Thu, February 25, 2021 By In affordable housing, housing lotteries, Long Island City, Queens

View of 5 Pointz LIC in September 2020; Photo: © CityRealty

A housing lottery launched this week for 337 rental units at the pair of residential towers in Queens that replaced the famed graffiti-covered warehouse 5Pointz. Located at 22-44 Jackson Avenue in Long Island City, the development, dubbed 5 Pointz LIC, contains two buildings, one at 47 stories and the other at 41, and over 1,100 units of housing. New Yorkers earning 130 percent of the area median income can apply for the apartments, which range from $1,850/month studios to $3,200/month three-bedrooms.

All of the units available through the lottery are rent-stabilized, guaranteeing lease renewal. The “workforce” housing units are designated for New Yorkers earning 130 percent of the area median income, which means between at least $63,429 annually for a one-person household and up to $183,300 annually for a seven-person household.

Residences at 5 Pointz feature hardwood floors, oversized windows, and stainless steel appliances. The buildings boast 90,000 square feet of amenity space, which includes the scenic indoor-outdoor “Sky Lounge.” Residents have access to an indoor swimming pool, basketball court, an 8,000-square-foot fitness center, outdoor terrace, library, golf simulator, pet grooming, and more.

Located in the Court Square neighborhood, the complex is conveniently near the G, 7, E, and M subway lines, with contemporary art institution MoMA PS1 across the street.

Rendering courtesy of Volley Studio

Acquired by developer Jerry Wolkoff’s G & M Realty in the 1970s, the site was formerly occupied by a warehouse that held artists’ studios and exhibition space beginning in the 1990s. In 2002, Wolkoff allowed graffiti artists to cover the exterior of the building with street art and it became world-renowned for its vibrant art.

In November 2013, the complex was whitewashed of its iconic murals and razed completely in 2014, resulting in several lawsuits filed by the artists and eventually a $6.75 million payout from the developer. Construction of the residential complex, which was designed by HTO Architects with interiors by Mojo Stumer, began in 2015 and is nearing completion.

Qualifying New Yorkers can apply for the affordable units until May 25, 2021.  Complete details on how to apply are available here. Questions regarding this offer must be referred to NYC’s Housing Connect department by dialing 311.

If you don’t qualify for the housing lotteries mentioned, visit CityRealty.com’s no-fee rentals page for other apartment deals in the city.

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Neighborhoods : Long Island City

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