Long Island City Makes Way for Three New $875M Residential Towers with 1,600 Units

At a time when finding an affordable apartment in New York City feels impossible, here’s an opportunity to live in a luxury Long Island City building for less. A housing lottery has launched at Gotham Point, a two-tower mixed-use development in Hunter’s Point South with 1,132 apartments, a majority of which are priced below the market rate. After welcoming its first residents to the South tower this spring, the taller North tower is now accepting applications for 463 rent-stabilized rentals at 1-15 57th Avenue, Long Island City, NY. The 58-story building is open to New Yorkers earning between 30 percent and 165 percent of the area median income (AMI), or between $16,183 and $273,075 annually.*
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Waterfront luxury living in New York City doesn’t have to be out of reach. Located on the East River in Hunter’s Point South, Gotham Point is a mixed-use complex with over 1,100 apartments, 75 percent of which are priced below the market rate. Applications are now being accepted for 270 rent-stabilized apartments at the Long Island City development’s South tower. The building is open to New Yorkers with a wide range of household income levels, between 30 percent and 165 percent of the area median income (AMI), or between $15,806 and $244,200 annually. That means a single person who earns between $15,806 and $25,090 annually would pay $738/month for a studio and a four-person household with an income range of between $126,686 and $196,845 would pay $3,580/month for a three-bedroom.
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