If you’re looking for an affordable place to live, you only have a few days to apply to a housing lottery for co-op purchases on Manhattan’s Upper West Side.
The lottery can be found on the city’s Housing Connect website. It offers hopeful buyers a chance to purchase studios or one-bedroom apartments for prices between $173,801 and $184,990. This is significantly lower than the median co-op sale prices for apartments of various sizes in that neighborhood, which is $1.3 million, according to Property Shark.
The building is located at 165 W. 80th St., less than a block from Central Park and just minutes from the American Museum of Natural History.
The five-story, pre-war walkup will have 17 apartments available. Admittedly, the studios are small, between 240 square feet and 343 square feet. The one-bedrooms are also relatively small, ranging from 466 to 544 square feet.
These sales will be income-restricted. The income required to purchase is between $73,319 and $167,760. However, according to the advertisement, income guidelines can change. Those who earn less than the minimum income may be able to provide a larger down payment.
This co-op is considered an HDFC (Housing Development Fund Corporation), which means it operates slightly differently than traditional co-ops. For example, this building will have resale restrictions and a flip tax on each resale. A full explanation of HDFCs can be found here.
Anyone who has owned a home currently or previously is ineligible to purchase.
The lottery ends on August 27, 2024.
You can apply online via Housing Connect or by mail. To request an application by mail, send a self-addressed envelope to 165 West 80th Street HDFC, PO Box 217, 30 East 125th Street, New York, NY 10035.
To see more of our housing stories, including other affordable housing lotteries, visit this page.
