Live In NY For Under $500 A Month? Five New Developments With Very Affordable Prices

It’s possible, but about as hard as winning the lottery

By Jeff Vasishta November 3, 2016
Photo: LWYang

Fuel up the Delorean and check the flux capacitor. It’s time to go back to the future with some truly affordable rental deals in NYC that will have you wondering exactly what decade you’re in.

By far the most time-warped deal out there is Park Tower Group’s mega project, Greenpoint Landing, which consisting of ten towers, rising 30-40 stories containing 5,500 apartments.  Over 1,400 of the units will be affordable. The cement is still wet at 5 Blue Slip, which will consist of 102 super affordable units starting at $368 a month for a studio to $860 for a two bedroom. It has just opened its lottery which ends on December 29th 2016. Amenities will include a laundry room, bicycle room, fitness room and a shared landscape courtyard. Alas, no stroller valet at this time. Preference for residents in Community Board 1.

Related: Top Five Condos For Sale In Manhattan

If you’ve always longed to be close to the beach,  9306 Shore Front Parkway, Rockaway Beach, Queens maybe be just the ticket. The building comprises sixty-three newly constructed units with studios starting as low at $494 a month for tenants earning under $25,400 year. Three bedroom apartments are available for households of four people earning under $45,300 and six people earning under $53,550. The building has video intercom, laundry room, indoor recreation space, *Storage, and *Parking (*additional fees apply). The application deadline is December 27th 2016.

It’s hard to envisage the words “Midtown Manhattan” and “Affordable Housing” in the same sentence but that’s what you get if you managed to snag one of nine newly renovated SRO’s (single room occupancy) units at 330 W. 51st St New York, NY 10019. Amenities include 24-hour security, on-site resident manager, community room, backyard, laundry room, on-site social services for low income or formerly homeless households with special needs. The application deadline is November 10th. Needless to say, getting one of the rooms, which will rent for $714 a month (even if you have to share a bathroom), is about as easy as getting into Harvard or Yale. Once you’re in, though your wonderful life in in Theater District awaits. Start spreadin’ the news.

Related: Running With The Big Dogs: Top Five Office Listings In Financial District

Fancy a studio apartment in Williamsburg for $788 a month? If you’re earning between $28,355 and $38,100 you can fake it ’til you make it alongside the single gear bike-riding, trust fund hipsters in the neighborhood. The Meekerman is the building, a 41unit new construction at 410 Manhattan Avenue. But there’s nothing meek about the deal. Two bedroom apartments are also available at $1403 for four occupants with a household income between $49,509 and $72,480. The deadline for applications is December 8th. Don’t get crushed in the stampede.

Long Island City has been turned into a gleaming cluster of high rises overlooking the East River and populated by the young and affluent. You too could join the gleam team even if you aren’t on Midtown Manhattan corporate wages. 2222 Jackson Avenue Apartments is the name although 46-10 Crane Street is the actual street address where 35 affordable housing units have been allocated amongst the young and fabulous paying market rents. If you qualify for the lottery you be able to whoop it up alongside your neighbors in their designer swimsuits or smoking jackets as amenities include residential storage, bicycle storage, package room, library, pool, lounge, exercise room and, residential parking. A studio apartment rents for $850 (income needs to be between $29,143-$38,100) and a three bed rents for $1,274 for (qualifying income is $43,680—$63,060 for a household of six). Better get your skates on if you want to apply as the lottery deadline is November 9th.

Jeff Vasishta



Jeff is a writer, husband and father but not necessarily in that order. As a music journalist he counts Prince, Beyonce and Quincy Jones amongst those he’s interviewed. He's also owned and flipped homes in Brooklyn, NJ, CT and PA.

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