Homes in a list of luxury neighborhoods in NYC for less than $200k each – but there’s a catch

A number of Upper West Side condos have hit the market for shockingly low prices — think: less than $200,000 — but not just anyone can buy the properties.

The 17 residences are being distributed by the NYC Department of Housing Preservation and Development through a limited-income affordable lottery at 160 W. 80th St., an antebellum building mostly located a few blocks from Central Park.

The apartments — of which only two appear to be still available, according to the lottery profile on NYC Housing Connect — originally included 10 studios and seven bedrooms, according to 6 square feet, which reported on the lottery when it opened earlier this month. passed. For just 17 houses in total, according to Bloomberg, more than 10,000 locals applied.

Available to those earning 120% of the area median income (or between $73,319 and $167,760 annually, depending on family size) and with a maximum of $280,000 in assets, the studios were all priced at $173,801 with a $994 monthly maintenance fee and a $184,990 one-bedroom with a $1,003 monthly maintenance fee.

In contrast, Realtor.com currently reports that the median listing price for a home on the Upper West Side is $1.7 million.

Studios offer space between 240 and 343 square meters and one-bedrooms between 466 and 544 square meters. All units are smoke-free and include air conditioning, hardwood floors, and smart heating and cooling controls.

Only households of one to three people may apply, current homeowners are not eligible and the unit must be the winner’s primary residence. The lottery closes in August. 27.

Once all 17 lottery units in the five-storey promenade are closed, the building is slated to be converted into an HDFC Limited-Equity Co-operative, a successful affordable ownership programme.

Other current open lotteries include a one- to three-bedroom condo in Astoria priced between $237,666 and $267,588 each — and a two- to four-bedroom suite on Union Avenue in the Bronx priced between $106,475 and $137,278 each one.