The Estela at 445 Gerard Ave, a lavish two-building residential complex with 544 units in Mott Haven, has now opened its housing lottery for 164 income-restricted apartments. Developed by The Domain Companies, this high-end project incorporates affordable housing options through the NYC Department of Housing Preservation (HPD) 421-a tax incentive program.
While the market-rate units have already been made available since May, the income-restricted units will be allocated through a lottery process, which concludes on September 12. Successful applicants will receive a lottery number within 2-3 weeks and find out if they have been selected within 1-2 months.
The lottery encompasses a variety of units, including studios, one-bedrooms, and two-bedrooms, designated for households earning up to 80% and 130% of the area median income (AMI). The accepted household incomes range from $57,429 to $198,250, catering to a diverse range of income brackets, categorized as low, moderate, and middle incomes by the HPD.
Luxury Amenities Galore at The Estela!
The Estela boasts a remarkable array of amenities, such as a gymnasium, party room, shared workspace, children's playroom, green space, and a rooftop terrace, as described on Housing Connect, a city-operated website offering affordable housing options.
Furthermore, the development features screening and game rooms, a pet spa and dog run, 24/7 concierge service, a yoga room, and even smart home features, covering a total of over 35,000 square feet of on-site amenities. In addition, the developer plans to open an organic grocer and deli later in the year, adding further convenience to residents' lives.
Matt Schwartz of The Domain Companies expressed excitement about bringing this full-service living experience to the heart of the South Bronx, emphasizing the commitment to deliver high-quality projects that strengthen communities.
The development aims to provide 544 luxury apartments, including affordable housing options, exceptional interior design, quality, expansive amenities, and sustainable energy-efficient features. The city's AMI calculator is utilized to ensure that the rents remain affordable for households within the 80% and 130% AMI thresholds.
However, individuals with lower incomes can still apply as long as their rent payment does not exceed one-third of their income, thus avoiding being considered rent-burdened. For instance, the most affordable units in the Estela are two studios with a monthly rent of $1,576, designated for households with incomes up to 80% AMI.
The minimum eligible income for these studios stands at $57,429, which is just below one-third of the annual rent. Additionally, individuals or households earning up to $79,120 or $90,400, falling within the 80% AMI, would also qualify.
Income will not impact the lottery chances of applicants, as long as they fall within the income range specified for each unit on the Housing Connect website, according to HPD spokesperson William Fowler. Preferences will be given to certain groups during the lottery process.
Half of the income-restricted units will prioritize local Community District 1 residents, while 5% will be set aside for city employees. Furthermore, 5% of the units will give preference to individuals with mobility issues, and an additional 2% will be allocated to those with vision and hearing problems.
For more information about the lottery and to apply, interested parties can visit the Housing Connect website at housingconnect.nyc.gov. For those not eligible for the income-restricted units, the market-rate apartments in the Estela start in the mid-$2,000s and go up to the mid-$4,000s per month, according to Domain.