152 East 116th Street, second from right. Photo © Ondel Hylton/CityRealty
An affordable housing lottery has opened for seven income-restricted HDFC co-ops in East Harlem. The two-bedroom apartments, located at 152 East 116th Street, are available to those earning 90 percent of the area median income, which correlates to a two-person household earning between $70,672 and $85,950 annually up to a five-person household earning between $70,672 and $116,010. The estimated sale price of the units is $208,854 and those selected will have to put a minimum of three percent down.
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Photo by Peter Burka on Flickr
Eight income-restricted condos on the Upper West Side are available for purchase for under $315,000 as part of two housing lotteries that launched last week. Located at 107 West 105th Street and 981 Amsterdam Avenue, the apartments are Housing Development Fund Corporation (HDFC) co-ops, which means they are priced below market rate and designated for New Yorkers with certain household incomes. Qualifying New Yorkers earning 110 percent of the area median income, or between $88,500 and $141,790 annually, can apply for the available two-bedroom apartments.
Find out if you qualify
This is quite the appealing one-bedroom, one-bathroom apartment, located on the first floor of the Harlem cooperative 1919 Madison Avenue. And it’s asking $512,000, a reasonable price for NYC real estate. There is, however, a catch behind that asking price. This is an HDFC apartment, meaning that to qualify to buy it you may need to make less—rather than more—money. (Such tight income restrictions have kept hundreds of HDFCs empty around the city.) Still, the apartment value has seen a boost in recent years, as it last sold in 2013 for $140,000.
Take a tour
It’s rare to see a habitable—much less chic and renovated—apartment in most of Williamsburg for anything even close to the $360,000 this cozy co-op is going for. There’s a reason, of course; this “junior-one” at 648 Grand Street is an HDFC co-op, though the income cap isn’t mentioned in the listing yet. For a qualified buyer the bright, cozy space offers a home that’s easy on the eyes as well as the wallet.
Get a closer look
With a subtle and stylish renovation, lots of irresistible textures like pale wood and whitewashed brick, and tons of sunlight, this two-bedroom co-op at 111 South Third Street in prime south Williamsburg is the kind of home you don’t see every day in this city. Its $665,000 ask, while not dirt cheap, is well below the average market price for two bedrooms in this neighborhood. Some caveats: The apartment is only 680 square feet (though there are indeed two bedrooms); it’s a walk-up though only on the third floor; and it’s an HDFC income-restricted co-op, which is why the price is lower than average. But none of those things make this lovely little apartment seem any less like a charming, chic flat right out of Amsterdam.
Have a look