“Chance” is the operative word in the headline.
That’s because the city’s has announced the establishment of a new lottery for the purchase of Mitchell-Lama co-ops in Manhattan for a virtual song.
According to an ad in the Times, “waiting lists are being opened” for Upper West Side apartments ranging in size from studio to two-bedroom. As is the practice of the Department of Housing Preservation and Development, however, there is no clue either in the ad or on the department’s Web site just which buildings will be available.
If you qualify for Mitchell-Lama income limits and win the waiting list lottery, you and your immediate family of three persons could live in a two-bedroom co-op that will cost you approximately $39,235 to $43, 587, depending on income.
With two dependents or more (adult brother and sister or parent or guardian with at least one child of any age, the ad says), income limits range between $21,988 and $106,953. Those ceilings are based on the number of persons in the household and may be subject to surcharge upon admission.
Studios are for one or two individuals and one-bedroom apartments, for one to three persons.
Monthly costs for a studio start at $385 and for a two-bedroom unit, $550. Those carrying charges go no higher than $494 and $761 respectively.
You’ll find the status of many waiting lists in PDF available on the department’s Web site, though not the one for the Upper West Side just yet. There, you’ll also be able to see all the necessary details.
Applicants will be selected by lottery, limited to 125 for the studios and 250 for the one- and two-bedroom units. Winners of the lottery will be required to pay $200, of which $50 will not be refunded.
To enter the lottery, the department must receive your postcard–there are three addresses, depending on apartment size–by Feb. 4. If you mail more than one postcard, you will be disqualified.
Include your clearly printed name and address and mail to P.O. Box 583 for a studio, P.O. Box 595 for a one-bedroom or P.O. Box 599 for a two-bedroom apartment. Send the postcard to New York, NY 10159.
Applicants must be residents of the state, at least 18 years old by the time of the lottery and financially responsible. Preference is given to veterans.
You have just two weeks for your postcard to arrive on time, so don’t waste a minute. In other words, hurry up and wait for an undetermined amount of time.
Extra points if you know how much postage a postcard needs.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022