Homes in a posh NYC neighborhood list for less than $200K apiece — but there’s a catch

An array of apartments on the Upper West Side have hit the market with shockingly low price tags — think: less than $200,000 — but not just anyone can purchase the properties.

The 17 residences are being doled out by NYC’s Department of Housing Preservation and Development via an income-restricted affordable lottery at 160 W. 80th St., a pre-war building primely located mere blocks from Central Park.

The dwellings — of which only two appear to still be available, according to the lottery’s NYC Housing Connect profile — initially included 10 studios and seven one-bedrooms, according to 6sqft , which reported on the lottery when it opened early last month. For just 17 homes total, according to Bloomberg , more than 10,000 locals applied.

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Available to those making 120% of the area median income (or between $73,319 and $167,760 annually, depending on household size) and with a maximum of $280,000 in assets, the studios were all priced at $173,801 with a monthly maintenance fee of $994 and the one-bedrooms at $184,990 with a monthly maintenance fee of $1,003.

In contrast, Realtor.com currently reports that the median listing price of an Upper West Side home is $1.7 million.

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The studios offer between 240 and 343 square feet of space and the one-bedrooms between 466 and 544 square feet. All units are smoke-free and include air conditioning, hardwood floors, and smart controls for heating and cooling.

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Only households of one to three people can apply, current homeowners are ineligible and the unit must be a winner’s primary residence. The lottery closes on Aug. 27.

After all 17 lottery units at the five-story walk-up are closed, the building is slated to be converted to an HDFC Limited-Equity Cooperative, a successful affordable homeownership program.

Other current open lotteries include a slate of one- to three-bedrooms in Astoria priced between $237,666 and $267,588 each — and a group of two- to four-bedrooms on Union Avenue in The Bronx priced between $106,475 and $137,278 apiece.

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