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.