When it comes to affordable housing, the city’s offerings primarily focus on rentals, but the little-known pool of HDFC units (Housing Development Fund Corporation) provide low- and middle-income New Yorkers a chance to own a slice of NYC real estate below market rate. The program was created several decades ago so that tenants in poorly managed buildings could take control of their property and form cooperatives. At this time, they were selling for a mere $250 each, and though today’s prices range from $500,000 two-bedrooms to $1.8 million three-bedrooms depending on the neighborhood, the deals are still out there based on qualifying incomes. And to make the HDFC hunt a bit easier, CityRealty has put these current listings into a handy interactive map.
As CityRealty explains:
Because HDFC units are co-ops, tenants are subject to rules and regulations set forth by a building’s bylaws and board. However, unlike high-profile co-ops such as the Dakota or Osborne, HDFC Co-ops are mostly concerned about keeping maintenance costs down over making costly upgrades. As a result, buyers over time will have more cash in hand to make renovations and updates inside their own apartments, which many do require.
Below is a sampling of the HDFC apartments currently for sale.
409 Edgecomb Avenue, 13C ↑
1 bed, 1 bath
For under $400,000, this 945-square-foot one-bedroom is not only a top-floor, corner unit, but has a spacious foyer, formal living and dining rooms, and views out over the Harlem River and out toward Yankee Stadium. It also boasts pre-war details like original parquet floors, picture frame moldings, and French doors with their brass handles and glass knobs intact. (See more here)
648 Grand Street, 2D ↑
1 bed, 1 bath
Though it’s a junior one-bedroom, this renovated pad has both good location and interior style. Exposed brick and exotic acacia hardwood floors are paired with sleek steel appliances, Quartzite countertops, and mid-century-inspired custom shelving. The low monthly maintenance of $440 includes heat, hot water, and taxes, but like most HDFC units and co-ops, there’s a steep 30 percent flip tax, meant to discourage investment buys. (See more here)
800 Riverside Drive, 3A ↑
3 bed, 2 bath
Located in the pre-war co-op The Grinnell, in the Audobon Park Historic District, this home is a touch pricier than most, though it does offer more space and bedrooms, a gracious foyer, and a large master suite complete with an en-suite dressing room and bathroom. It also has plenty of lovely details such as original French doors, hardwood floors, 19 windows, big closets, and decorative and picture moldings.
498 West 55th Street, 2S ↑
Studio, 1 bath
This classic studio has exposed brick, hardwood floors, and windowed kitchen with a dining area. Plus, the building offers a private courtyard with grills and storage. The maintenance is also very low at $409 a month thanks to income-generating commercial properties owned by the co-op.
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