NYC shocks the market with a raffle of apartments under $200,000 – near Central Park

The 17 studios and one-bedroom apartments within the pre-war constructing, which has no elevator, feature hardwood floors and air-con and are being auctioned off by lottery to New Yorkers who earn lower than 120 percent of the realm median income and have assets of not more than $280,000. More than 10,000 people have already applied before the August 27 deadline.

The overwhelming demand underscores the town’s housing crisis. The largest Shortage for over five a long time amid astronomically high rents and an influx of immigrants filling the town’s shelters. Lotteries conducted by the Department of Housing Preservation and Development helped a record 9,550 households find reasonably priced housing last fiscal 12 months. Mayor Eric Adams also calls for the promotion more housing construction and recently rezoned the realm to permit for 7,000 latest apartments within the Bronx.

The Upper West Side constructing – on West eightieth Street – is a block from the American Museum of Natural History and Zabar’s deli, and two blocks from the subway. It’s just a few doors down from the Orleans, where a four-bedroom condo recently opened for 7.8 million US dollarswhile some cheaper options offer a studio for nearly half 1,000,000 dollars.

“It seems too good to be true,” said Ruth Miller, a retired foundation director who recently passed by the constructing to have a look at it. She wants her 31-year-old daughter – who moved back home due to rising rents – to enroll in the lottery. “It’s almost the amount I bought my house for in 1991.”

The raffles are carried out by NYC Apartment Networkingallows individuals who meet income requirements to use once per development. Buildings within the lottery program include properties built on city-owned land or units built using reasonably priced housing subsidies or tax exemptions.

For the West eightieth Street constructing, households of two individuals with a complete income of not more than $149,160 are eligible; three individuals with a complete income of not more than $167,760 can apply for a one-bedroom apartment. The apartment have to be the client’s primary residence, 5 percent down payments are required, and there are resale restrictions.

The price is just $340 per square foot, which Zillow estimates is a bargain not only in Manhattan, but additionally in cities like Austin, Texas, where the median market value of downtown homes is $738 per square foot, or Santa Monica, California, where the median value in a zipper code area is $862 per square foot.

The city can also be raffling off houses in other upscale neighborhoods comparable to Hudson Yardsone of the crucial expensive in Manhattan, including greater than 100 rental apartments in a 46-story tower at 550 tenth Avenue that gives 20,000 square feet of amenities comparable to a sky lounge and a health club. Two-bedroom apartments cost $3,861 a month for families of 4 earning not more than $194,125.

Buildings in AstoriaQueens and the Upper East Side of Manhattan are also involved.