Affordable Housing Lottery at Luxury Building on UWS

affordable housing lottery the lyric upper west side

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An “affordable housing lottery” is open at The Lyric, a luxury rental building located at 255 West 94th Street (with an entrance between Broadway and West End Avenue). But the numbers you’ll see – both the rents and the income restrictions – may come as a surprise.

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Eligible applicants (which consist of households with between 1 and 5 occupants) must have an income (or combined income) of between $101,486 and $187,330 (depending on the number of occupants and the size of the apartment).

The 20-story building – which houses 285 apartments and features amenities including a roof deck, gym, doorman, business center, playroom and more – is currently offering the following discounted rates to select qualified applicants:

Five studios for $2,960. The income requirements state that a single applicant should earn between $101,486 – $121,420 and a two-person household should have combined earnings between $101,486 – $138,840.

Currently, (non-“affordable”) studios at The Lyric range from $3,995 – $4,360. As a rule of thumb, those applying for free market rentals are expected to earn about 40 times the monthly rent, which in this case would fall between $159,800 – $174,400.

Nine one-bedroom units priced at $3,168 a piece. There can be up to three occupants for each of these apartments, and the income range (depending on household size) is from $108,618 – $156,130.

The building’s market rate one-beds are currently going for $4,995, so based on the 40x rule, those applying should be making $199,800.

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A single two-bedroom unit available for $$3,793. This apartment can accommodate between two and five occupants, and the income range is $130,046 – $187,330.

Other two-beds at The Lyric are currently starting at $7,250; whoever’s applying should be earning about $290,000.

According to NYC Housing Connect, the building is “anticipated to receive a tax exemption through the 421a(17) tax incentive program of the New York City Department of Housing Preservations and Development.”

The lottery is open until April 13. Learn more and apply here.


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