By Sabina Mollot
Stuyvesant Town’s apartment lottery has reopened on Tuesday for renters in the upper income tier of eligibility. Based on the affordability deal between the owners Blackstone and Ivanhoe Cambridge and the city in 2015, half of the apartments that become available are put into a lottery system for reduced rents. Ninety percent of those units are for tenants earning a household income of up to 165 percent of the area median income while the other 10 percent are for those earning up to 80 percent of the AMI.
According to an email sent out by Stuy Town management on Tuesday, this amounts to rent for a one-bedroom apartment going for $2,975 for households of one to three people earning incomes starting at $89,250. The maximum income for three people is $154,935, the maximum income for two people is $137,775 and for one person the maximum income is $120,615.
The savings from average market rent, $3,587, is 17 percent, according to the lottery website. Market rate one-bedroom apartments in Stuy Town range from $3,273-$3,675, based on current listings. Peter Cooper one-bedrooms range from $3,717-$4,046, according to listings. There are also converted or “flex” apartments, which are usually higher in price.
Rent for a two-bedroom unit will be $3,695 for households of two to five people earning a minimum income of $110,850. Maximum rent for five people is $185,955, maximum rent for four people is $172,095, for three $154,935 and for two $137,775.
The average market rent is $4,806. Market rate two-bedroom apartments in Stuy Town currently range from $3,668-$5,096, not including all the “flex” options. Peter Cooper two-bedroom apartments range from $4,477-$6,600 with the higher-rent ones having two bathrooms, based on current listings. WiFi is being thrown into the deal for some units.
To be eligible for the lottery units, applicants must have less than $250,000 in assets, though some exceptions apply to retirement accounts and current city residents will receive preference. If tenants’ household incomes go higher than the limits set by the lottery after they’ve moved in, they will still be allowed to stay.
According to the email, there are units available in Stuyvesant Town as well as Peter Cooper Village. As with other ST/PCV apartments, rent includes electricity and cooking gas but additional surcharges apply for each air conditioner.
Would-be renters have until April 3 to apply online. Paper applications can also be requested by sending a self-addressed with sealed envelope to Stuyvesant Town/Peter Cooper Village Wait List, Peter Stuyvesant Station, P.O. Box 991, New York, NY, 10009.
The apartment lottery is re-open periodically. The last time it was open, for renters of both income tiers, was in September, 2018. Those who applied previously can reapply, but waiting lists for apartment sizes not included in this lottery are still active.
UPDATE March 6: Rick Hayduk, general manager of ST/PCV, told Town & Village the rents will be different for units in Peter Cooper than those in Stuy Town. A lottery one-bedroom apartment in Peter Cooper is $3,229, while a two-bedroom apartment is $3,873.
“We’re excited to conduct another affordable housing lottery offering qualified New Yorkers an opportunity to live in our communities,” Hayduk said.