Homes for the 99%
There are still plenty of ways to buy on the cheap—if you qualify.
Desirable real estate that’s inaccessible to one-percenters—is there such a thing in a city where the average apartment price is $1.4 million? You bet. Even with a two-person income in the six figures, New Yorkers can qualify to buy in Housing Development Fund Corporation buildings and others that were converted into co-ops, or built, with subsidies from the city. Buying in these buildings comes with hidden costs, of course, including flip taxes and a smaller market when it’s time to sell. But, as these six apartments demonstrate, the trade-offs are often well worth it.
311 East 3rd Street, No. 25
The basics: A renovated two-bedroom on the fifth floor of an East Village walk-up converted in the nineties. It comes with its own washer and dryer.
The rules: Maximum income is $94,566 for one applicant; $108,075 for two. A 5 percent flip tax is in place.
Monthly maintenance: $325.
Agent: Georgine Paulin, Corcoran.
$399,000