A limited number of apartments in a fifth-floor walk-up in the Upper West Side are now for sale – and the price tag and household income requirements are a lot lower than you might think.
The city’s housing lottery is listing studio apartments in a prewar building on 165 West 80th St. – just one block from Central Park – for as little as $174,000. Other apartments in the area can easily go for north of $1 million.
The lottery — which closes Tuesday — is offered via the city’s affordable housing program, so an applicant must make less than 120% of the affluent area’s median income to qualify. Annual income for a single person vying for either a studio or one-bedroom bedroom in the building cannot exceed $131,000. A three-person household can’t bring in more than $168,000 for a one-bedroom.
Studios in the building range in size from 240 square feet to 343 square feet, while one bedroom apartments range between 466 square feet to 544 square feet. There are no deposits or application fees required.
The units have air-conditioning, smart controls for heating and cooling, and hardwood floors, according to the city’s listing.
Buyers should have 5% of the purchase price available for down payment, the city says. Applicants already living in NYC receive a general preference for applications.