Though high-end buildings usually mean high-end prices, Manhattan's newest affordable housing development hopes to offer luxury for less. NY1's Jill Urban filed the following report.
Whenever people hear about a brand new high-end building in Manhattan, they immediately assume high-end prices.
Well one new building on the West Side is turning things around and offering luxury for less.
"Park Clinton is a 96-unit affordable cooperative in Midtown. It's all one and two bedrooms, units affordable to families in a range of incomes," says Monadnock Development Project Manager Frank Dubinsky.
The Park Clinton, located on 52nd Street between 10th and 11th Avenues, is Manhattan’s latest affordable housing development.
It’s not open yet, but NY1 got a sneak peek.
Developed with the community and the city by Monadnock Development, this building is bringing market rate quality to middle-income families, who thought they were priced out of Manhattan.
"We have a number of high-end finishes in the units. European wood flooring, Caesarstone counter tops, stainless steel appliances, dual flush toilets, a number of things that make this building just like any other market-rate building in Manhattan," Dubinsky says.
The building includes amenities, such as a fitness center and community garden.
Now, the big questions are price and eligibility.
"Prices range from $93,500 up to $480,000, and they are all one and two bedrooms. In general, the range of incomes is from $34,000 up to $167,000," Dubinsky says.
Those prices are based on household income.
It is also important to note that perhaps the best amenity is a 40 year tax exemption, which means no real estate taxes for 40 years.
As for the lottery, there are preferences given to certain people.
"One of which is a preference for those who have been affected by Hurricane Sandy and its related storms. In addition to that, there is a preference for community board residents, municipal workers, as well as those who are physically and visually disabled," Dubinsky says.
For those interested in the building, the application process is already underway, and applications must be postmarked by September 10.
The lottery will be held the following week, and those whose names are drawn will be brought in for an eligibility interview.
To learn more about The Park Clinton or to download an application, visit www.theparkclinton.com.