New waitlist opens for mixed-income units at East Harlem’s Riverton complex, from $1,174/month

Posted On Mon, August 20, 2018 By

Posted On Mon, August 20, 2018 By In affordable housing, Harlem, housing lotteries

Riverton Square, via A&E Real Estate

Last November, East Harlem’s Riverton Square opened up its 7,500-name waitlist for middle-income families. They’ve now reopened it, this time to a wider range of income brackets. Households earning 60, 80, or 125 percent of the area median income can put their name on the list for units ranging from $1,174/month one-bedrooms to $2,983/month three-bedrooms. The affordable seven-building development was built by the Metropolitan Life Insurance Company in 1947 to serve as housing for WWII veterans. Unlike their similar complexes, Stuyvesant Town and the Bronx’s Parkchester, Riverton did not bar black and Hispanic tenants from renting. Today, the 12-acre complex offers a gated community with 12 acres of beautifully landscaped grounds and a public fountain, a new basketball court and playground, and a newly built senior center and after-school center.

Riverton Square, East Harlem

Riverton Square, East HarlemInteriors at Riverton Square, via A&E Real Estate

In its earlier years, Riverton was home to jazz pianist Billy Taylor and former Mayor David Dinkins. But in more recent times, the complex went through a trajectory similar to that of Stuy Town. As we previously explained, in 2005, “Riverton was sold to Stellar Management, who tried to swiftly remove long-term tenants and replace them with higher-paying residents. Unable to convert the rent-stabilized units to market-rate and saddled with debt, Stellar lost Riverton to its lenders in 2008.” In 2016, A&E Real Estate Holdings bought the development for $201 million, inking a deal with the city that 975 of the complex’s 1,229 units be reserved for working- and middle-class families for 30 years. In return, they received $100 million worth of tax breaks and incentives.

Riverton Square, East HarlemThe Great Lawn at Riverton Square, via A&E Real Estate

Riverton is located on the site bound by 135th and 138th Streets and Fifth Avenue and the Harlem River. It has 24-hour security, on-site laundry, and elevators. It’s also very close to the 2 and 3 trains at 135th Street.

Qualifying New Yorkers can apply to enter the waitlist for the affordable Riverton Apartments until October 4, 2018. Completed applications will be accepted by mail or online and randomly selected applications will be placed on a waiting list. Complete details on how to apply are available here (pdf). Questions regarding this offer must be referred to NYC’s Housing Connect department by dialing 311.

Use 6sqft’s map below to find even more ongoing housing lotteries.

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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Photos courtesy of A&E Real Estate

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Neighborhoods : East Harlem

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