Affordable Housing Lottery Opens for Converted Garment District Commercial Building

A mixed-use building in the Garment District that is being renovated and expanded into an apartment complex has hit the Housing Connect lottery. Located at 341 W38th Street (between 8/9th Avenue), the building has 30 affordable units up for grabs.

Developed by Central Properties LLC, the Stephen B Jacobs Group-designed 19-story residential building has a total of 112 units. The original 12-story mixed-use building began renovations in early 2023 to include an additional seven stories on top and development of the adjacent single-story lot.

Locals lamenting on their Hell’s Kitchen laundry woes will be happy to hear each unit comes with its own washer and dryer. Other building amenities include bike storage lockers, gymnasium, recreation center, rooftop terrace and doorman. Each unit boasts high-end kitchen appliances including a dishwasher, top-quality countertops and finishes and air-conditioning.

The building is steps away from multiple transit hubs including Penn Station, Port Authority and both the Times Square and 34th Street subway stations. Prospective residents looking for green space will be excited to know Bella Abzug Park is being extended from W37th to W39th Streets between 10th and 11th Avenues.

Households with incomes between between $31,612 and $218,010 are eligible to apply for the studio, one- and two-bedroom units. Those in the 40% AMI band can apply for 12 studio apartments with $823 monthly rent. The units can accommodate up to two people earning a combined maximum of $49,720 annually.

One- and two-bedroom units are available for households in the 60% AMI band with combined annual income between $50,949 and $83,880 for between one to three people and rents of $1,374 and $1,631 per month respectively.

At the top end, there are six units available for households in the 130% AMI band, including studios, one- and two-bedroom units, with a maximum annual income of $218,010 for a five-person household in a two-bedroom unit. Rents for these units range from $3,105 for a studio to $3,963 for a two-bedroom.

This building was constructed through the Inclusionary Housing Program and received a Tax Exemption through the 421-a Tax Incentive Program of the New York City Department of Housing Preservation and Development.

Tenants are responsible for electricity, including electric cooking and heating. Rent includes hot water. There are no deposits or application fees for these units. For more information visit Housing Connect . The deadline to apply for the lottery is August 19, 2024.

The post Affordable Housing Lottery Opens for Converted Garment District Commercial Building appeared first on W42ST .