Time to Get Your 160 Schermerhorn Lottery Ticket
If you make between $21,770 and $29,760, you’ll want to keep reading. 160 Schermerhorn, phase two of the Hamlin/Time Equities project that started with the 14 Townhouses, has begun taking applications for 100 affordable studio apartments in the building. (The building as a whole has 190 units.) And how sweet a deal is it? $625-a-month…
If you make between $21,770 and $29,760, you’ll want to keep reading. 160 Schermerhorn, phase two of the Hamlin/Time Equities project that started with the 14 Townhouses, has begun taking applications for 100 affordable studio apartments in the building. (The building as a whole has 190 units.) And how sweet a deal is it? $625-a-month sweet! No pets are allowed; nor are full-time students. Half of the units are reserved for people who already live within Community Board 2. There are also some single-digit set-asides for various physical impairments. The application deadline is April 30 and details can be found here.
Development Watch: 160 Schermerhorn Tops Out [Brownstoner] GMAP
Development Watch: Schermerhorn House Rising [Brownstoner] P*Shark
Some More 411 on the “Schermerhorn House” [Brownstoner] DOB
I looked at a similar building in Schermerhorn (possibly the same building)
The wanted 2,400 for a Market Rate 1 bedroom.
That’s absurd for living in glorified low income housing.
Thank you, Biff, for your last comment. From some, the underlying sentiment that these people are living tax free, in some sweet deal, totally ignores the reality that living in NYC making less than $30K is incredibly difficult, no matter where you are. And $22K? Most people here spent more than that on renovating their bathrooms.
12:16, cynical much? I hardly think that will be true. One does have to fill out an application and probably send in tax returns. It is possible to read between the lines on a tax return and suss out the difference between the needy and the greedy.
10:47. funny, because isn’t there a generally accepted standard multiplier for rental apartments 52x the monthly rent in order to be able to “afford” a place? at $625, that makes $32,500. but, i suppose those making less than 30k probably need the break just a little more…
When I moved here about two years ago I was right in the middle of that income bracket and paying $550 for a small, cramped sublet in Bushwick. $550 at that time was a huge chunk of my paycheck.
The only thing “sweet” about this deal is that someone in that income bracket will be living in a prime neighborhood, but trust me, the $650 rent won’t come easy for them…
These units will go to self employed, consultants, artists, etc. that show under 30K on paper but actually make substantially more than that.
Point taken, 11:48. I know it’s reality, but still sad to think a person earning under $30K and/or with a physical impairment and living in a studio apartment, even in a prime area, is considered to have hit the lottery or gotten a sweet deal.
11:24 & 11:16 – I am a tax accountant, these people are paying nothing or very little in taxes. They are getting standard deduction, personal exemtion, and earned income credits to name a few. After all of that there state and fed liability are virtually paying nothing or close to nothing in taxes.
The deal may not be “sweet”, but it’s the most affordable studio I’ve seen in years, especially in such a prime location. The only alternatives are section 8, residence with grandma, or a move to Harrisburg, Pa.
11:12, maybe they can’t afford to take care of their property like everyone else. Although I don’t think it’s farfetched to conclude renters in general, rich or poor, care less about the upkeep of their homes than do owners. I still believe it’s a good thing to build decent, affordable housing. (As an aside, it’s humorous seeing pets and full-time students lumped together – can one be both at the same time?)