An affordable housing lottery has opened at a new Midtown high-rise on posh Madison Avenue with shockingly low rent prices.
Located in a luxury, 45-story residential tower on 160 Madison Ave., the new units are designed to be affordable for NYC residents with incomes ranging from $23,297 to $83,850. The dwellings can house one to five tenants.
With rent prices so low, only a small handful of units are currently available: Five studios and one single-bedroom. However, an open waitlist is available for future vacancies in the building.
Studios start at $606, but none are more than $768. One- and two-bedroom apartments range in price from approximately $660 to $1,010.
Gas (for cooking only) and hot water is included with rent.
The units have floor-to-ceiling windows with views of the city skyline. Amenities in the smoke-free building include a 24-hour attended lobby, on-site laundry, fitness center, lounge and outside area.
The downside? The building is not pet friendly, with the exception of service animals. Also, tenants have to pay for electricity, including the “forced air component of heating,” per the online listing.
According to its listing on the city’s Housing Connect portal, the building was constructed through the Inclusionary Housing Program and 421a Tax Incentive program of the NYC Department of Housing Preservation and Development and Low Income Housing Tax Credit Program of NYS Homes and Community Renewal.
The listing notes that actual rent prices may vary based on lease terms.
The lottery ends on Nov. 6, 2024. To apply, see the listing on New York City’s Housing Connect website, housingconnect.nyc.gov.
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