For many, the idea of owning an apartment on Manhattan’s Upper West Side, just steps away from Central Park, might seem like a dream reserved for the wealthy. However, New York City is offering an opportunity to buy apartments in a pre-war building on West 80th Street for as low as $174,000.
Affordable housing opportunity
In a rare chance for affordable housing in one of New York’s most sought-after neighborhoods, the city is transforming a five-story, walk-up building into a co-op with 17 units. The apartments, which include studios ranging from 240 to 343 square feet and one-bedroom units between 466 and 544 square feet, are priced well below the typical market rate for the area.
Who can apply?
The catch? These apartments are being sold through a lottery system, and not everyone is eligible to participate. To enter the lottery, applicants must be New Yorkers earning less than 120% of the area’s median income. For a two-person household, this means a combined income of less than $150,000 per year. Additionally, the city requires that these apartments be the owner’s primary residence.
Other affordable housing options
In addition to the Upper West Side, the city is also offering affordable housing opportunities in other desirable neighborhoods, including the Upper East Side, Hudson Yards, and Astoria. The deadline to enter the lottery for these homes is August 27.
For those interested in a rare chance to own a piece of New York real estate at an affordable price, this lottery presents an unprecedented opportunity. Photos of the units reveal compact but efficient living spaces that make the dream of Manhattan living accessible to more people.
