NYC apartments in prime Upper West Side location with hardwood floors and air conditioning just steps from Central Park are selling for less than $175,000… but there’s a catch
For most people, an apartment on the Upper West Side, just minutes from Central Park, is an expensive dream.
Yet New York City apartments in prime locations, complete with hardwood floors and air conditioning, are selling for as little as $174,000.
But there’s a catch. The low-rent units, located in a five-story pre-war building, are being sold through a lottery that’s only open to people earning below a certain income.
Studio apartments are estimated at $173,801, while one-bedroom apartments cost around $184,990.
Only households with annual incomes of about $150,000 or less — 120% of the median income in New York — are eligible for the drawing.
Homes in this pre-war building in a prime New York location are selling for just $174,000 via lottery
Studios and one-bedroom apartments on West 80th Street in Manhattan are being sold via a lottery
The properties are in a prime location, just minutes from the city’s Central Park
After the renovation, the building will contain both studios ranging from 22 to 31 square meters, as well as one-bedroom apartments ranging from 43 to 50 square meters. NBC New York reported.
The Upper West Side is one of the wealthiest neighborhoods in New York, with an average home price of $1.7 million, or $1,600 per square foot.
People who want to get one of the 17 units at 165 West 80th Street must enter the lottery before the August 27 deadline.
Applicants must use the property as their primary residence and must not own or have owned a home in the past.
Interested buyers must also have 5% of the purchase price available to make a down payment.
A kitchenette in one of the discounted apartments. Applicants must use the property as their primary residence
A floor plan of one of the studio apartments, which have a bathroom and a small kitchen
There are restrictions on the resale of discounted properties and a ‘flip tax’ will be levied on all future sales.
Buyers are responsible for paying for their own electricity, and a 2% monthly maintenance fee is charged to ‘maintain sufficient reserves and operations’.
Each apartment will be exempt from property taxes under Article XI for a period of 40 years.
Houses in the Upper East Side, Hudson Yards and Astoria are also among the attractions.