Here’s your rare opportunity to purchase a NYC condominium in an upscale building for a fraction of market-rate prices. The developers of Clinton Hill‘s under-construction condo Waverly Brooklyn are now accepting applications for 11 subsidized homes priced as low as $156,444. Qualified applicants have a chance to purchase the deal of a lifetime with studio, one- and two-bedroom homes priced 86-percent below the neighborhood’s market-rate medians. The condos are available to households earning between $32,617 to $48,923.
To grasp what a fantastic deal this is, the sole studio unit with an estimated price of $156,000, is priced at a 74 percent discount when compared to currently available studio condos in Clinton Hill, for which the median is $597,000 according to data from CityRealty. Four one-bedroom homes will be priced between $165,283 and $252,330, a 63-76 percent discount. And six two-bedroom units will be $163,577 and $179,691, an 82-84 percent discount from Clinton Hill median prices.
Like the building’s 37 other market-rate residences, selected buyers will share an amenity package that includes a uniformed lobby attendant, reception seating area and package room, resident lounge with library, media center and kitchenette, resident terrace with gas grills and communal dining area, rooftop garden with outdoor shower and skyline views, a fitness center, bicycle storage (for a fee), on-site parking (for sale), and private storage (for purchase).
According to the advertisement, eligible applicants need not be first time homeowners, but should be able to put down at least 10 percent of the unit’s purchase price. It is also emphasized that the home must be used as the buyer’s primary residence. As per the ad, “Completed applications must be returned by regular mail only (no priority, certified, registered, express, oversized, or overnight mail will be accepted) to a post office box number that will be listed on the application, and must be postmarked by September 6, 2016.” As is the case with most city sponsored lottery programs, preference will be given to New York City residents. Brooklyn’s Community Board 2 will be provided a preference for 50 percent of the units and municipal employees, 5 percent.
Waverly Brooklyn is located at 500 Waverly Avenue at the southwest corner of Fulton Street near the Clinton-Washington subway stop of the C train. The project is being constructed partly through the now expired 421-a program, which provided developers Orange Management tax breaks in lieu of providing the subsidized units.
Gerner Kronick + Valcarcel are the architects, and in March, as 6sqft reported, the seven-story concrete structure topped out. Now its modern exterior composed of frames of hand-laid Norman brick and multi-paned windows is being installed. MNS is handling the sales of the market-rate units with current asking prices averaging $1,202 per square foot and starting at $595,000 for studios, $790,000 for one-bedrooms, $1.235 million for two bedrooms, and $1.625 million for three-bedrooms.
Questions regarding this offer should be referred to Emily McIntosh, Assistant Director of Homeownership Education at 646-217-3392.
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Neighborhoods : Clinton Hill