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Location: Read the Marketing Handbook, and Income a Guide.
2,007 posts, read 1,626,371 times
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Quote:
Originally Posted by Brettphoenix
Thank you for the clarification. I was wondering, since I have a Housing Choice Voucher, can I just apply directly? Does anyone know their credit requirements? Are there alternatives to submitting a credit report?
You will benefit if you read the information online. See some links below.
Waterside Plaza has fairly high income requirements. Also, it is unusual in that circumstances can allow for higher rent increases than under rent stabilization. However, the list will likely move slowly anyhow. If tenants are alive and happy they don’t move. It’s not a new building so the list moves only when tenants move out, with a new building all the lottery units are vacant.
Hey Everyone! - Did anyone get contacted about this? I have a super low waitlist number, but i am not sure about the area, and I am already in an 'affordable' housing unit.
Has anyone got any insight into this neighborhood? So far from trains and looks a little ... ugly. Sorry. But am I missing something here?? Quite expensive!
I spent several very happy years at Waterside, but the development, sad to say, has gone downhill. I actually wouldn't recommend moving there unless you really dislike where you're living now or have some other compelling reason.
PROS:
Huge apartments with good storage (except for 40 Waterside Plaza, which was built for Section 8).
Location within Manhattan yet has the feeling of living at a resort (in nice weather).
Spectacular views of river and skyline, depending on the building and floor you're on.
Garage right downstairs, at an extra charge, but not outrageously expensive.
UNIS (school) right next door and the British School is on premises.
Not far from ferry on 34th Street.
Gristedes supermarket on premises.
Lounge/hangout room, called the Pavilion, open to all residents.
Plaza is nicely planted with greenery and water features, including a pond, with tables for dining and Adirondack chairs.
Pretty nice pool and health club on premises (extra charge) with a barbecue and roof deck for members, classes, etc.
Playground on premises.
Doormen 24/7.
Pretty strong tenants association.
CONS:
New ownership by Brookfield has left many residents unhappy with deteriorating conditions, cleanliness, etc.
Very thin walls; if you sneeze, your neighbor says "bless you." Noise flows easily between apartments.
Remote location within Manhattan; buses (M34 and M34A) are the only close-by public transportation options, except for the ferry.
Lottery units are NOT rent stabilized. Rents increase with AMI; last year’s rise in AMI meant increases of $500 a month for one-bedroom.
Building 40 apartments are smaller than the ones in the other three buildings.
Insanely high rent increases for market-rate tenants recently.
I'm very sad to write this, but Brookfield has been a terrible owner so far.
Last edited by macnyc2003; 03-31-2023 at 03:17 PM..
Location: Read the Marketing Handbook, and Income a Guide.
2,007 posts, read 1,626,371 times
Reputation: 479
Quote:
Originally Posted by LuxurySeeker34
Hey Everyone! - Did anyone get contacted about this? I have a super low waitlist number, but i am not sure about the area, and I am already in an 'affordable' housing unit.
Has anyone got any insight into this neighborhood? So far from trains and looks a little ... ugly. Sorry. But am I missing something here?? Quite expensive!
As MacNYC said already, the Waterside units are not Rent Stabilized. There is different way the rent increases are limited at Waterside (it’s a long story that I will skip). Recently this meant large rent increases.
If you are already in an ‘affordable’ housing unit might be better insulated against large rent increases than at Waterside. It could well be a reason to not take a lease at Waterside. Review your lease, and ask your building management when and if there are any expiring conditions that would remove Rent Stabilization or such like on your apartment.
SCRIE is a policy that shelters tenants who are 62+ against rent increases. There are many details and I don’t know if Waterside is subject to SCRIE policies.
There is the 15 and 15 SBS bus on 1st and 2nd Ave in addition to other options already mentioned in other posts.
$3700/mo for a 2 bedroom is INSANELY cheap, white appliances and all - I know the apts are well over 1000sq feet too (I'm assuming the 2 bedrooms are also 2 bathrooms?). My number is 2,1** which ironically happens to be my birthday! I am paying over $5,000/mo for a ”junior” 2 bedroom for my daughter and me in Murray Hill which I'm told is a steal! yes, it's a doorman building with lots of amenities, however, I'm going to submit my documents and see where the chips fall as they say - the max income limit for 2 people in the 2 bedroom for 160% AMI is $180,000 which is higher than previous years (I think it was $155,000 in 2020)
Main distinction is that newly-built lottery buildings sport modern interiors/exteriors, and lower rents too. Half-century-old buildings with higher rent just don't win out
$3700/mo for a 2 bedroom is INSANELY cheap, white appliances and all - I know the apts are well over 1000sq feet too (I'm assuming the 2 bedrooms are also 2 bathrooms?). My number is 2,1** which ironically happens to be my birthday! I am paying over $5,000/mo for a ”junior” 2 bedroom for my daughter and me in Murray Hill which I'm told is a steal! yes, it's a doorman building with lots of amenities, however, I'm going to submit my documents and see where the chips fall as they say - the max income limit for 2 people in the 2 bedroom for 160% AMI is $180,000 which is higher than previous years (I think it was $155,000 in 2020)
Any info from the ”inside” would be appreciated!
Do you know which building you would get? As I mentioned earlier, Buildings 10, 20 and 30 have huge apartments. Those two-bedrooms have two full bathrooms. Building 40, on the other hand, was built for section 8 residents and the apartments are smaller. I believe two-bedrooms there have only one bathroom. You can see all the floor plans on Streeteasy.
All the Waterside buildings have doormen except for the townhouses.
You can private message me for more info if you like. Best of luck!
Location: Read the Marketing Handbook, and Income a Guide.
2,007 posts, read 1,626,371 times
Reputation: 479
This development uses an unusual form of rent regulation. The increase at renewal is tied to the increase in the metropolitan area AMI. AMI is adjusted each year. This is not set by the Rent Guidelines Board like for Rent Stabilization apartments. I’m recent years, this has meant a steep maximum increase in rent at Waterside. Be prepared for that. Ask if there is a history of rent increases you can see.
How many years do you think you’ll live there? How many rent increases?
Ask a lot of questions about renewals, and how long a lease you can sign at today’s fixed rent.
It’s an unusual location but I am sure many people love it.
Scroll back in this thread.
Good luck and good patience.
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