It appears that the city of New York is offering apartments on the Upper West Side, just two blocks from the park, for as low as $173,801. This information comes from a recent report by Bloomberg.
According to the report, there are seventeen studio and one-bedroom units available in a pre-war walk-up building with hardwood floors and air conditioning. These units will be sold through a lottery system to New Yorkers who earn under 120% of the area’s median income and have assets under $280,000.
The deadline to apply for these apartments is August 27, and over 10,000 people have already submitted applications.
The building on West 80th Street in the Upper West Side is conveniently located near the American Museum of Natural History, Zabar’s, and the subway. In the same area, a four-bedroom condo is listed at $7.8 million, while studios start at nearly half a million dollars.
One passerby who stopped to look at the building commented, “It seems too good to be true. This is almost what I paid for my house back in 1991.”
Bloomberg’s report also mentioned that households of two with incomes up to $149,160, or three with incomes up to $167,760, are eligible to apply for a one-bedroom unit in the West 80th Street building. Buyers must use the apartment as their primary residence, make a 5% down payment, and adhere to resale restrictions.
NYC Housing Connect’s lottery system allows eligible applicants to apply once per development. The program includes buildings on city-owned land or those receiving affordable housing subsidies or tax exemptions, as indicated in the article.
These units are priced as low as $340 per square foot, offering a more affordable option compared to other areas in Manhattan, Austin, and Santa Monica. The city is also offering homes through raffles in upscale neighborhoods like Hudson Yards, with two-bedroom rentals priced at $3,861 per month for families of four earning up to $194,125, as well as properties in Astoria and the Upper East Side.
Last year, the Department of Housing Preservation and Development successfully placed a record 9,550 households into affordable units. Mayor Eric Adams is advocating for more residential construction, including the construction of 7,000 new homes in the Bronx through rezoning.
Loading…