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aliceinwonderland Offline
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Lottery - 04-16-2008, 10:32 PM

Does anyone know when the next lottery for Penn South is? I heard it is every 5 years. If that is the case then there should be one coming up right?
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Southpaw Online
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Re: Lottery - 04-21-2008, 12:39 PM

When the next Penn South lottery is announced, I would think some Penn South resident will mention it on CYB.

If your interested in other Mitchell Lama housing outside of Chelsea, the city has a list of open waiting list buildings at: http://www.nyc.gov/html/hpd/download...ting-Lists.pdf

Some notes-- you may not want to look at the rental housing, some of those buildings will be opting out of the Mitchell Lama program in the future and not all who opt out will have tenants move to a rent stablizied status ( if you do decide to look at rentals you should research this issue thoroughly before sending in the money for an application).


Stryckers Bay, Goddard Riverside and Columbus Park Towers are really nice buildings on the upper west side with open lists, however the wait will be VERY long before getting an apartment at any of them.

This is a list of all City Mitchell Lama, both open and closed
http://www.nyc.gov/html/hpd/downloads/pdf/MLLIST.pdf

In talking to HPD I got the feeling that when a closed unit is accepting new applicants it is done through a lottery (announced through newspaper ads) and not through being added to the open lists list.

Releted Management maintains rental affordible housing lists for new and existing developments:

212 987 6445

The existing buildings list is now closed but I think it reopens on a regular basis, check it out every couple of months.
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Cliff Tryon Offline
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Re: Lottery - 04-22-2008, 08:25 PM

It will probably be many years until there is another lottery

A lottery was held about 4 years ago for one and three bedroom apartments
Penn South accepted 1000 applications for one bedroom apartments and 500 applications for three bedroom apartments
Given the fact that there are 1476 one bedroom apartments and 210 three bedroom apartments it will be many years until those lists are exhausted

About 12 years ago there was a lottery for two bedroom apartments [879 in Penn South and studios [255 in Penn South} for which 8000 applications were received.

When you look at the above numbers it is likely that there will be a long wait until the current lists are exhausted.

The only factor that may lessen the wait time is the doubling of the equity for new cooperators which took place in 2005.
Prospective new cooperators may not be willing and/or able to put down that type of money even though half of it can be financed through a bank
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Cliff Tryon Offline
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Re: Lottery - 04-22-2008, 08:43 PM

From the New York Times 3/2/2008:
"Penn South has a waiting list of 6,700. It has 2,820 apartments, but only about 150 become available in any given year."

The article this was taken from is entitled "Winning that one in a million"
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