Thanks to record lows of NYC real estate inventory and record-high Manhattan rents, many West Siders are facing increasingly steep rent hikes which can make staying in the neighborhood feel like a pipe dream. But for those anxiously looking ahead to their next lease renewal, there’s a new lottery in town — developers plan to release apartments starting at $690 a month at a soon-to-be-completed Hudson Yards luxury building.
311 11th Avenue, or 3ELEVEN as it will be known, sits just downtown of Hudson Yards between W29th and W30th Streets and is a new building from Douglaston Development and designed by FXCollaborative. Having secured 120,000-square feet of airspace from Hudson River Park (per City Realty), with a commitment to investing in park improvements — the 60-story tower is likely to boast exclusive views of the river and West Side.
Split between 703 market-rate and 235 affordable units, renters moving into the luxury highrise (expected to be completed this summer for occupancy in 2023) can look forward to brand-new stainless steel appliances, hardwood floors, and 30,000-square feet of interior amenities, including a pool, multiple roof decks, fitness center, and pet care facility.
Now, on to the brass tacks — how to qualify. According to Housing Connect NYC, New Yorkers making 40, 60, and 100 percent of the area’s median income (between $26,229 and $144,100, depending on the number of residents per household) can enter the lottery. Studios are listed at $690, $1,063, and $1,810 a month, one-bedrooms at $741, $1,141, and $1,942 a month, and two bedrooms at $901, $1,381, and $2,342 a month. And there’s good news for local apartment hunters, because 50 percent of affordable units must go to current Manhattan Community Board 4 residents.
The lottery-unit prices are a stark contrast to a recent tweet noting that studios under $2,000 a month in Manhattan were nearly impossible to find — including in Hell’s Kitchen.
For anyone looking to try their luck at 3ELEVEN, you have until August 9 to apply!