WEST VILLAGE — A brand new, luxury two-bedroom apartment in the West Village could be yours to own for as little as $170,000.
The apartment is just one of seven cost-regulated co-op apartments being built at 100 Barrow St. as part of a real estate deal facilitating the preservation of the St. Luke in the Fields Church and the expansion of its accompanying school.
The 12-story co-op is being built with a 99-year lease of a parking lot of Barrow St. The co-op owners will renegotiate their own lease when the current one expires, the broker who represented the church said.
There will be a total of 33 apartments, with the market-rate units ranging from a little less than $4 million for a second-floor two-bedroom — more than 22 times the "affordable" price — to more than $12 million for a seventh-floor four-bedroom, according to paperwork filed with the city.
The regulated units are priced at $90,000 for a first-floor studio, $145,000 for a first-floor one-bedroom, and $170,000 for a two-bedroom on the first or second floor. All of the first-floor units are cost-controlled, as are all but one of the second-floor units. None of the higher floors hold affordable units.
The prices are subject to change at the discretion of the city's Department of Housing Preservation and Development.
The building is expected to be completed by May 2017, according to paperwork filed with the city.
The affordable units will be sold through a lottery administered by the Housing Partnership Development Corporation to people making no more than 125 percent of the area median income, or AMI.
► READ MORE: WHAT IS AMI?
A spokeswoman for Toll Brothers, the project's developer, said they will be available late this year or early next year.
The units are not required to be permanently affordable. After 20 years, the co-op owners can sell the units at market rate.
The housing was built with a $175,000 grant to the New York City Housing Partnership in April 2015 from the Affordable Housing Corporation, an agency within the state Homes and Community Renewal agency, which is meant to expand homeownership opportunities for low- and moderate-income New Yorkers.
The money is meant to help the Housing Partnership facilitate the lottery, including marketing the units and determining and verifying the eligibility of the buyers.
The seven homebuyers selected by the New York City Housing Partnership will receive $12,750 in down payment assistance along with $12,250 for closing costs for each unit.