By Sabina Mollot
New Yorkers on the lookout for a more affordable home might want to consider Phipps Plaza South, two buildings located in Kips Bay, where there is currently a lottery for affordable apartments.
There is at this time just a small amount of vacancies, but there is also a wait list, according to a spokesperson for Phipps, which, this week, announced the opportunity via an ad. The reason for the announcement since most units are already filled is that the owner, nonprofit developer Phipps Houses, is required to periodically refresh the waiting list if it’s out of date or applicants fall below a certain number. This policy is a HUD requirement for Section at 8 at the property.
The two buildings are located at 330 East 26th Street and 444 Second Avenue and together have 404 apartments that are mostly low-income. None are market rate, according to the spokesperson, James Yolle, and it’s covered under a regulatory agreement until 2039 and will then become rent stabilized. Any unit rented goes to someone on the waiting list, which applicants can get on based on income limits.