Lottery Offers LES Homes For $225K

LOWER EAST SIDE, NY — A housing lottery at the new Lower East Side housing development Essex Crossing has 11 new affordable condominiums for sale starting at $225,000.

The Essex Crossing development is a massive new project being built on the Lower East Side. In total, the apartment buildings, office buildings and retail space will include 1.9 million square feet across nine sites. The project was able to move forward by guaranteeing more than 500 affordable housing units across the entire project.

The affordable condos currently available are located at 242 Broome St., the "Site 1" of Essex Crossing. The affordable homeownership lottery opened this month and will stay open for 60 days. Winners will get one of 11 affordable units out of the 55 total apartments in the 14-story building.

The building at 242 Broome St. will also be home to the International Center of Photography's new museum and a bowling alley.

The cheapest apartment of the affordable housing units are one bedrooms, which have an estimated price of $224,861. Last year, the average sales price of a one-bedroom apartment was just below $1 million, according to research from the real estate firm Douglas Elliman.

Local residents receive a preferences for half of the affordable units, and former tenants of the site will get additional priority. You can learn more about the lottery and apply here.

Image credit: Rendering courtesy of 242 Broome St.