For most, owning an Upper West Side apartment just minutes from Central Park is an expensive dream.
However, New York City apartments in a prime location, with hardwood floors and air conditioning, are selling for as little as $174,000.
But there’s a catch: the cheap properties, located in a five-storey, pre-war walk-up building, are sold through a lottery that is only accessible to those earning below a certain income level.
Studio apartments are estimated at $173,801, while one-bedroom apartments will cost around $184,990.
Only households with an annual income of around $150,000 or less (120% of New York’s median income) will qualify for the lottery.
Homes in this pre-war walk-up building in a prime New York City location are selling for as little as $174,000 via a lottery.
Studios and one-bedroom apartments on West 80th Street in Manhattan are being sold via a lottery
The properties have a privileged location, just minutes from the city’s Central Park.
Once converted, the building will contain studio apartments ranging from 240 to 343 square feet, and one-bedroom units ranging from 466 to 544 square feet. NBC New York reported.
The Upper West Side is one of the wealthiest neighborhoods in New York, with a median home price of $1.7 million or $1,600 per square foot.
Those wishing to purchase one of the 17 units located at 165 West 80th Street must enter the lottery before the deadline of August 27.
Applicants must use the home as their primary residence and cannot currently own or have previously owned property.
Interested buyers must also have 5% of the purchase price on hand to make a down payment.
A kitchenette in one of the reduced-price apartments. Applicants must use the property as their primary residence.
Floor plan of one of the studio apartments, which have a bathroom and a kitchenette.
Restrictions are placed on the resale of discounted properties and all future sales will incur a resale tax.
Buyers are responsible for paying for their own electricity and a monthly maintenance fee increases by 2% annually to “maintain proper reserves and operations.”
Each of the apartments will have a 40-year Article XI property tax exemption.
The sweepstakes also includes homes on the Upper East Side, Hudson Yards and Astoria.
