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4 weeks ago
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For most, owning an apartment on the Upper West Side just minutes away from Central Park is an expensive dream.
However New York City apartments in the prime location, complete with hardwood floors and conditioning, are being sold for as little as $174,000.
But there is a catch. The cheap properties, located within a five-storey walk-up pre-war building, are being sold through a lottery open only to those earning below a certain income.
Studio apartments are estimated at $173,801, while one-bedroom flats 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 draw.
Homes at this pre-war walk-up building in a prime NYC location are being sold for as little as $174,000 through a lottery
Studio and one-bedroom flats on West 80th Street in Manhattan are being sold through a lottery
The properties are a prime location, just minutes away from the city's Central Park
Once converted, the building will contain both studio flats between 240 and 343 square feet, and one-bedroom units, which range from 466 to 544 square feet, NBC New York reported.
Upper West Side is one of New York's wealthiest neighbourhoods, with a median house price of $1.7million or $1.6k per square foot.
Those looking to get their hands on one of the 17 units in at 165 West 80th Street must enter the draw by the deadline on August 27.
Applicants must use the home as their primary residence and may not currently own or have previously owned a property.
Interested buyers must also have 5% of the purchase price to hand in order to make a down payment.
A kitchenette in one of the cut price apartments. Applicants must use the property as their primary residence
A floor plan of one of the studio apartments, which come with a bathroom and small kitchen
Restrictions are imposed on reselling the cut price properties, with all future sales incurring a flip tax.
Buyers are responsible for paying for their own electricity and a monthly maintenance fee increases by 2% annually to 'maintain adequate reserves and operations'.
Each of the apartments will have a 40-year Article XI Real Estate Tax Exemption.
The draw also includes homes in Upper East Side, Hudson Yards and Astoria.
Who can apply to buy cut price NYC apartments?
The draw for the homes, priced from $174,000, is only open to those earning less than 120% of the city's median income.
This means households earning around $150,000, or individuals on around $75,000 or less qualify to enter.
Buyers are required to have 5% of the purchase price available for a down payment and the homes must be used as the buyer's primary residence.
Applicants must not currently own or have previously owned a property.
English (US)