Photo of 111 East 115th in August 2017, via CityRealty
When we wrote about the initial affordable housing lottery at 111 East 115th back at the beginning of 2018, we questioned how these “affordable” apartments provided any financial relief when they were, in some cases, even more expensive than the market-rate units. The same conundrum holds true now, as the East Harlem rental has just opened up a 250-name waitlist for those earning 130 percent of the area median income. The apartments include $2,253 – $2,675 one-bedrooms and $2,784 – $3,207 two-bedrooms. A recent market-rate one-bedroom rented for $2,575, while a two-bedroom rented for $2,716.
View of 111 East 115th Street wrapping up construction in August, via CityRealty
In most cases, the city’s affordable housing lotteries provide an opportunity to live in market rate-level apartments for a lower price. But at the new East Harlem rental building at 111 East 115th Street, the middle-income units provide minimal financial relief, and in some cases are even more expensive than the market-rate units. The general listings include $2,025/month studios, $2,300 one-bedrooms, and $3,100 two-bedrooms, while the “affordable” offerings for those earning 130 percent of the area median income start at $2,099/month studios and go up to $2,253 one-bedrooms and $2,716 two-bedrooms.