Out and About: ‘Affordable’ co-op needs fix-up

Kitchen of 775-sf apartment on Manhattan’s Upper West Side.

Some Manhattan apartments in popular neighborhoods actually are affordable for buyers whose incomes put them in the middle class.

However, many of those units have less realized than actually fulfilled potential such as one in the low 90s close to Central Park.

The co-op is in one of the formerly city-owned buildings transferred to a Housing Development Fund Corp. and thus is known as an HDFC apartment.

HDFC apartments come with income restrictions, but they are reasonably liberal.  The latest median income standards Continue reading

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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