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New York Magazine

Homes for the 99%

By: S. Jhoanna Robledo
Published: 11/14/2011Source: New York Magazine

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

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