Lottery Opens for 25 Affordable Co-Op Units in Ocean Hill, Starting at $212K

Image via Latent Productions

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Applications are currently being accepted for 25 co-op units in a new four-story complex at 1900 Park Place and 416 Thomas S. Boyland Street in Ocean Hill. It was formerly an empty lot owned by the city since 1973.

Of the 25 affordable apartments, there are seven one-bedroom units, 15 two-bedroom units and a trio of three-bedroom units. The estimated sales prices are $212,015 for a one-bedroom, $247,550 for a two-bedroom and $250,522 for a three-bedroom.

The lottery is set an area median income range of 80 percent. Eligible incomes range between $42,050,123 and $96,800 for households of one to six people.

The project is being developed through the New Infill Homeownership Opportunities Program by Habitat Latent LLC, and will be called the SEED Cooperative Apartments.

Salvatore Perry of Latent Productions is the architect of record. The firm designed the Runner & Stone bakery-bar at 285 3rd Avenue in Gowanus and the Dean Carlton condos at 535 Dean Street in Prospect Heights.

Models and renderings of the project show a U-shaped complex with a center courtyard. There appear to be staggered bump outs on some of the windows.

1900 Park Place in September 2014. Photo by Google Maps

1900 Park Place in September 2014. Photo by Google Maps

The building will have a common rear yard, laundry, a shared community room, storage and parking for 14 bicycles.

Nearby are affordable condos built by Habitat for Humanity, called the St. Johns Residences. Located at 1812 St. Johns Place, the building was completed in 2012.

Requirements for applying include being a first-time homebuyer (as defined by HUD), participating in financial/homeownership education, providing a 1 percent cash down payment and establishing a monthly savings account.

Applications must be submitted by August 28. Apply through Habitat for Humanity’s website.

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