Gentrification Pays Off For Lower East Siders Who Are Moving Into Luxury Condos For Only $10

mars barThe soon-to-be demolished Mars Bar

Photo: Google Maps

Nine tenants in an apartment building on East 1st Street and Second Avenue are about to get the deal of a lifetime. At this end of this month, they will move out of their apartment building and return in two years, to a luxury apartment for $10, according to Crain’s. That’s right, 10 dollars.In 2002, BFC Partners bought the city-owned building and have decided to build a new, 65-unit building, instead of re-doing the old building that’s falling apart.

The nine tenants currently living in the building will get the sweet $10 deal, and the remaining four “affordable apartments” will be sold in a lottery for around $150,000 to people making $64,000 or less. The rest of the apartments in the 12-story luxury building will go for market price.

But the tenants are not as ecstatic as one would think. John Vaccaro, an 81-year-old resident of the building told Crain’s: “Look at this stuff all around us, all these high-rises. Everywhere you look. Behind us. West of us. It bothers me that New York has changed so much. It’s not the New York I came to.”

But even this old artist knows it’s a good deal:  “I don’t know who these people are. [But] they’re giving me a two-bedroom apartment. That sounds fab.”

See also: 15 Detroit Homes You Can Buy For Less Than $500 >

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