Purchase a 1BR Manhattan apartment for $1,995!

An advertisement by the city’s Department of Housing Preservation and Development (HPD) announces a new lottery for one-bedroom co-ops in lower Manhattan for $1,995.

You read that right, under $2,000, and a department spokesperson confirmed the amount in an e-mail.

Income limits range between $46,500 and $59,800 for one to three occupants.  Carrying charges are $388 a month or 30 percent of gross income, whichever is higher.

The 500 winners of the lottery will be placed on a waiting list provided they pay a $100 application fee. Continue reading