Lottery opens for 17 co-ops on the Upper West Side, available for purchase from $174K

A housing lottery has opened for 17 apartments on the Upper West Side. Located at 165 West 80th Street, about two blocks from Central Park and the American Museum of Natural History, the five-story walk-up has 10 studios and seven one-bedroom apartments available to New Yorkers earning 120 percent of the area median income, or between $73,319 for a single person and $167,760 for a family of three. The homes are priced at $173,801 for a studio and $184,990 for a one-bedroom.

Available studios measure between 240 and 343 square feet, with one-bedroom units between 466 and 544 square feet. Amenities include hardwood floors, air-conditioning, outdoor areas, and smart controls for heating and cooling.

Eligible buyers should have five percent of the estimated purchase price available as a down payment. There are resale restrictions, including a flip tax that buyers must pay if they choose to sell their unit.

Buyers must use the unit as their primary residence and are responsible for electricity costs.

Upon the sale of all 17 apartments, the building will be converted into an HDFC Limited-Equity Co-op. HDFC buildings are properties that were abandoned by their previous owners and left in a state of disrepair and purchased by the city, according to the city’s Department of Housing Preservation and Development’s website.

After rehabilitating these properties, the city gives New Yorkers a chance to own one of the refurbished apartments and become shareholders in their co-ops.

Nearby public transit options include the A, B, C, 1, 4, and 6 subway lines, as well as the M7, M11, M79-SBS, and M104 buses.

A virtual information session will be held on July 11 at 6 p.m. here, and on August 13 at 6 p.m. here. Attendance is not required to purchase one of the homes.

Qualifying New Yorkers can apply for the apartments until August 27, 2024. Preference is given to applicants who live in New York City. Questions regarding this offer must be referred to NYC’s Housing Connect department by dialing 311.

More information on the housing lottery can be found here.

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