STUYVESANT TOWN — Thursday is the final day for people to throw their hat into the lottery for a rent-stabilized apartment in Stuyvesant Town and Peter Cooper Village, with some studios available for as little as $1,200 per month.
The lottery, which opened on March 1, will give up to 15,000 people a spot on a waiting list for below-market-rate units at the complex. When applications close, they will be entered into a randomized computer program that will assign a number to each application, and numbers one to 15,000 will be added to the waitlist.
As new affordable units open up over time, the managers of Stuy Town will chip away at that waiting list and move applicants in based on the number assigned to them, according to a spokeswoman for Blackstone, the firm that bought the twin housing complexes in December.
► READ MORE: What does the Stuy Town purchase deal mean for current and future residents?
Prices for the affordable apartments vary widely based on unit and household size. The cheapest option is a studio apartment for $1,210 per month for people making between $36,300 and $48,400, while the priciest is a five-bedroom apartment for $4,560 for families of five to 10 members making a total of between $136,800 and $210,870 per year.
The lottery is open to anyone who falls within the income requirements — listed along with a full breakdown of apartment prices on the Stuy Town website — but there is a cap on households with total assets above $250,000.
The lottery is part of the $5.45 billion deal Blackstone made with the city last year when it agreed to protect 5,000 rent-stabilized units in the complex.
Peter Cooper village and Stuy Town have about 11,000 units in total.
Lottery hopefuls may apply online or by mail. For more information, see the lottery website.
