Affordable Housing on the Open Market
Well, the Times has basically picked up where I left off. Read excerpts from yesterday’s article ‘When affordable is still out of reach.’
The article cites the changing economy and the shifting lending policies by banks for the increase of affordable units still on the market. Some examples here in Harlem:
For instance, at Beacon Towers, an eight-story condominium in Harlem, the affordable units are selling for $282,000 to $424,000, while the market-rate units are asking $399,000 to $575,000.
Halstead Property is marketing 22 one- or two-bedrooms at Beacon Towers; two one-bedrooms at the Langston, a condo in Hamilton Heights.
For the buildings now being offered, however, there certainly was plenty of interest when the city held its lotteries in the last year or two. Beacon Towers had more than 2,000 applicants for a total of 54 affordable units; the Langston had nearly 9,000 applicants for 121 affordable units.
The affordable units can be found on Halstead’s Web site: www.halsteadpdm.com/sales/. They are also on New York City’s Web site:www.nyc.gov/html/hpd/html/buyers/lotteries.shtml.
Photos by: Tina Fineberg
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