Lottery opens for ‘affordable’ units at luxury Union Square rental, from $2,523/month

Posted On Fri, March 26, 2021 By

Posted On Fri, March 26, 2021 By In affordable housing, housing lotteries, Manhattan, Union Square

Courtesy of NYC Department of Housing Preservation & Development

Here’s an opportunity to live in a luxury Manhattan rental at a discount. A housing lottery launched this month for a dozen middle-income units at One Union Square South, a Related Companies-developed building most recognizable for the massive electronic clock art piece on its facade. While it’s hard to call this lottery affordable, the available apartments do offer significant savings compared to the building’s market-rate units. New Yorkers earning 130 percent of the area median income can apply for the apartments, which include $2,523/month studios, $2,700/month one-bedrooms, and $3,235/month two-bedrooms.


Courtesy of NYC Department of Housing Preservation & Development

Developed by Related in 1996, One Union Square South takes up a full block on the corner of 14th Street and Fourth Avenue. The 27-story tower was designed by Davis Brody Bond and contains 240 rental units.

The Real Deal reported last year that Related sold the building for $211 million to Buenos Aires-based firm Ragsha, which intends to preserve the affordable apartments.

Current market-rate apartments available include a $3,577/month studio, $4,297/month one-bedroom, and a $6,116/month corner two-bedroom. Overlooking Union Square, the building sits in one of the most bustling parts of the city and is conveniently steps from the 4, 5, 6, L, N, Q, R, and W subway lines.

Residences feature granite countertops, customizable closets in the bedrooms, hardwood floors, and lots of natural sunlight. Amenities include a shared laundry room, sun terrace and lawn, outdoor dining area with grills, a fitness center, 24-hour attended lobby, and valet dry cleaning.

The Metronome, embedded in the facade of the residential building, was commissioned by Related in 1999 and displays 15 numbers changing at various speeds. The large installation counts the hours, minutes, seconds, and fraction of seconds to and from midnight each day. The clock was repurposed in September as a “Climate Clock” to display the time the world has left to make significant changes before the effects of global warming become permanent.

Qualifying New Yorkers can apply for the affordable units until April 12, 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 : Union Square

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