Upper West Side Homes Selling For Under $200K – But There's a Catch

A wave of affordable housing units has hit the prestigious Upper West Side of New York City market.

The apartments, priced at less than $200,000, are a far cry from the typical luxury listings in the neighborhood. But there's a catch: The units are only available to eligible low-income residents.

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The apartments are being offered at a time when nearly 90% of America's largest cities have home prices that are too high for the average resident to afford. Housing is generally considered to be affordable when it costs less than 28% of the resident's monthly or annual earnings.

The 17 apartments in a pre-war building near Central Park are being distributed through a lottery administered by the NYC Department of Housing and Preservation.

According to the NYC Housing Connect profile, only two units remain. The original offering included 10 studios and seven one-bedroom apartments. Despite the limited number of units, the lottery attracted over 10,000 applicants, underscoring the city’s high demand for affordable housing.

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While income restrictions apply, the opportunity remains significant. Applicants must make between 120% of the area's median income, ranging from $73,319 to $167,760 annually depending on household size, and have assets under $280,000.

Studios were priced at a fixed $173,801 with a monthly maintenance fee of $994, and one-bedroom units were priced at $184,990 with a monthly maintenance fee of $1,003.

According to Realtor.com, the prices are vastly lower than the Upper West Side's median listing price of $1.7 million.

The studio apartments range from 240 to 343 square feet, while the one-bedroom units offer between 466 and 544 square feet. All units are smoke-free and feature modern amenities like air conditioning, hardwood floors, and smart heating and cooling controls.

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Following the lottery’s completion, the five-story walk-up building is scheduled to be converted into an HDFC Limited-Equity Cooperative, an affordable homeownership program that has proven successful in providing long-term housing opportunities for low-income residents.

Lotteries for units in Astoria and the Bronx are open to people interested in exploring other affordable housing options.

In Astoria, one- to three-bedroom apartments are available for prices ranging from $237,666 to $267,588. According to real estate brokerage Redfin, the median sale price for a home in Astoria was up 15.8% in July to $1 million.

In the Bronx, two- to four-bedroom units are offered between $106,475 and $137,278. According to Realtor.com, the median listing home price was up 2.9% in July to $349,000.

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