The old saying “If it seems too good to be true, it probably is” doesn’t apply to an incredibly cheap apartment in Midtown Manhattan.
An $857-a-month one-bedroom apartment in a luxury building where similar units start at $4,725 will go to a lucky winner of New York City’s affordable housing lottery.
The building, Landon, is located in the trendy Hell’s Kitchen neighborhood. Amenities include a state-of-the-art fitness center with group class space, a children’s play area, a resident lounge, and a “jaw-dropping” rooftop common area.
The 370-unit building at 520 W. 43rd Street is also non-smoking, pet-friendly, and comes with a parking garage and laundry room.
And check out the apartments’ enticing description: “Spacious floor plans boast city and river views, all from the luxury of a high-end interior design,” the website says.
“With sharp details like ash-grey, wide-plank flooring, ambient lighting, bespoke cabinetry, custom-made solar shades, in-unit washer/dryer, and spacious wardrobes, no feature has been overlooked. Many apartments feature large modern kitchens—recently renovated, renovated, renovated, including five luxury suites that have been finished. dishwasher and breakfast bar. of Caesarstone—introducing a new standard of sophistication.”
The Landon sits between the Hudson River and Times Square, within walking distance of Bryant Park, Hudson Yards, Birdland Jazz Club, and the Hudson River Waterfront Walkway. Of course, there are countless local restaurants, bars, coffee shops, boutiques, parks, event spaces, and everything Manhattan has to offer.
Given the low, low rent—what are you holding?
How to find this cheap NYC apartment
The apartment, Unit 22B, is an affordable apartment and therefore has strict income and property requirements for the future tenant, who will be selected through a lottery system.
The apartment lottery has strict eligibility guidelines: The winner must have a household income of only 40% of the median area income (ADI). For a single person, that’s $33,096 to $45,360; two people would be $33,096 to $51,840; and three people are $33,096 to $58,320.
Household income includes salary, hourly wages, tips, Social Security, child support and other income. There is an asset limit of $64,800.
If you happen to be earning a lot of money for that particular unit, there are other ways to find your cheap dream NYC pad.
The lottery operator, Reside New York, an authorized Housing Preservation & Development marketer for New York City, has some affordable apartments available. You can browse the open list here. There are below-market apartments available in every city. (Realtor.com® has contacted Reside New York for comment.)
But don’t play, as lottery home applications are only open three weeks before they close—and you’ll no doubt be competing with thousands of people.
Why would developers offer this kind of deal when New York City apartments like the one offered at The Landon can be rented for so much money? Because the city offers tax breaks to developers who are willing to set aside a certain number of apartments for low-income residents.
Although New York has the third-highest share of millionaires in the country, according to Realtor.com® data, most people in the city don’t have that kind of money.
Whether it’s the people who bring you your favorite Thai, the cast of your favorite Broadway musical, or the teacher who teaches your kids, the city thrives because of all that non-millionaires have to offer, and they need great places to live too.
NYC’s affordable housing lottery “allowed me to continue living in the neighborhood I love while working as an artist,” choreographer and musical theater director. Merete Muenter he previously told Realtor.com.
“I no longer feel the stress and strain of trying to have enough money to pay rent and bills every month—it’s such a relief.”
Can you increase your chances of being selected?
1% leasing agent Douglas Elliman Keyan Sanaiwho lives in a building with 20% affordable units, tells Realtor.com, “No one really knows how it works. It’s like discovering how magic works.”
He says he has not only seen evidence that some of those in the affordable units in his building are low-income residents, but that at least one of his neighbors has a criminal record and continues to engage in criminal activity.
“There should be other conditions other than income, so that these apartments go to those who really deserve them,” he said.
However, it is illegal for most New York City housing providers to discriminate based on a criminal record.
If you ever need help figuring out how to find an affordable NYC apartment, the city’s “Rent Ready” program offers financial counseling and application assistance in multiple languages.
