250-name waitlist opens for barely affordable units at East Harlem rental

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.

Why the pricing discrepancy? As 6sqft has previously explained, middle-income housing lotteries are often put in place to subsidize more deeply affordable units.

For an additional fee, tenants can use the building’s gym. It also offers common outdoor space, a package room, washer/dryers in each unit, a part-time doorman, and common storage. The building is around the corner from the 6 train at 116th Street and right near all the best restaurants in the neighborhood.

Qualifying New Yorkers can apply for 111 East 115th Street’s waitlist until July 7, 2020. 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.

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. And view market-rate listings for 111 East 115th Street here.

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• Lottery opens for income-restricted units in Brooklyn’s historic Weeksville, from $2,245/month