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Lottery for Rare Affordable Condos Opens in Clinton Hill

Clinton Hill's new 48-condo building with robot parking hit the market in June with apartments asking from $595,000. Now that sales are moving right along—StreetEasy shows four apartments in contract at an average price of $1.
Waverly Lottery, Brooklyn, Residential, Condos, Housing, Clinton Hill

Clinton Hill's new 48-condo building with robot parking hit the market in June with apartments asking from $595,000. Now that sales are moving right along—StreetEasy shows four apartments in contract at an average price of $1.13 million—the lottery for Waverly Brooklyn's 11 affordable condos is now opening. The apartments up for grabs include one studio, four one-bedrooms, and six two-bedrooms.

 NYC Housing Partnership

As with more common affordable rental lotteries, strict income restrictions apply. Those looking to apply for the studio must make a minimum income of $32,617 annually. The apartment is expected to go for $156,444. Single applicants for a one-bedroom must make a minimum of $37,274 annually, and applications a two-person household in a one-bedroom must make a minimum of $49,700 annually. The one-bedrooms are expected to go for between $165,283 and $252,330. Applicants for two-bedroom condos with a household size of two to four people must make a minimum of $41,934 annually. Those condos are expected to go for between $163,577 and $179,691.

"All tenants of 500 Waverly Avenue, including affordable lottery winners, will have access to building amenities including a lounge, resident terrace with grills and a dining area, a communal rooftop with an outdoor shower, and a gym. The building's vaunted robot parking can be rented for an additional fee, as can bicycle storage," said a representative from StreetEasy.

The average price per square foot in the neighborhood, taken from listings currently on the market, is $759. The average price per square foot of condos currently for sale at Waverly Brooklyn is $1,251.

All eligible buyers must have 10 percent of the purchase price available for a down payment. All applications by mail must be postmarked by September 6. To learn more about the lottery, head over to NYC Housing Partnership.



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