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.

As usual, HPD does not specify the building or buildings beyond a general neighborhood location.  You may possibly unearth more details on the department’s impenetrable Web site, or the only contact number offered for general inquiries is. . . 311.  Good luck with that.  (Please don’t call me — all I know is in this post.)

To enter the lottery, the department must receive your postcard by July 16. If you mail more than one postcard, you will be disqualified.  Don’t even think about registered or certified mail or involving a third person on your behalf.

Include your clearly printed name and address and mail to P.O. Box 781, New York, NY 10002. Losing lottery participants will not be notified.

Applicants must be legal residents who are at least 18 years old by the time of the lottery, “financially responsible” and able to meet all eligibility requirements. Preference is given to documented veterans.

Tomorrow: A big lie?

To take your own bite of the Big Apple, you have the option to search all available properties privately.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
Web site

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5 thoughts on “Purchase a 1BR Manhattan apartment for $1,995!

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