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$10 Apartments in New York City? Yes, For a Select Few

$10 Apartments

This is a bit of a feel good story.

When BFC Partners, the developers of Jupiter 21, the newly built 12-story, 65-unit residential development located at 21 E. First St. in Manhattan, wanted to develop the property where the now demolished legendary Mars Bar was located, a few residents were going to be displaced. To show good will, BFC Partners granted those long-time residents a generous deal of a life time — to own one of the new apartments for $10.

The purchase deal to the 9 lucky residents was that they can rent the apartments out, but they can’t resell them for a profit. That’s pretty good news since studios and one-and two-bedroom apartments are renting from $3,000 to $10,000 a month at Jupiter 21. Another generous aspect to the deal was that the apartments were also purchased tax-free.

Residents of Jupiter 21 will have a garden, washers and dryers, hardwood floors, a rooftop lounge, and oversized windows. Altogether, the building has two commercial condominiums on the ground level, 52 market-rate rental units, and 13 affordable residential condominium units.

The name — Jupiter 21 — pays homage to the Mars Bar, as “Jupiter follows Mars,” said Donald Capoccia, principal and founder of BFC.

 

This story was originally published on RentReporters.com