The old adage “If it seems too good to be true, it probably is” doesn’t apply to a stunningly 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 the lucky winner of a New York City affordable housing lottery.
The building, The Landon, is in the trendy Hell’s Kitchen neighborhood. Amenities include a modern fitness center with a group class space, children’s play area, residents’ lounge, and a “jaw-dropping” rooftop common area.
The 370-unit building at 520 W. 43rd Street is also smoke-free, pet-friendly, and comes with a parking garage and laundry room.
And check out the enticing description of the apartments: “The spacious floorplans boast iconic city and river views, all from the luxury of superior interior design,” says the website.
“With sharp details such as the ash-grey, wide plank flooring, recessed ambient lighting, bespoke cabinetry, custom-made solar shades, in-unit washer/dryers, and generous closets, no feature has been neglected. Many of the apartments showcase large contemporary kitchens—newly refurbished and elegantly finished with high-end appliances, including a five-burner gas range, dishwasher and a Caesarstone breakfast bar—presenting a new standard of sophistication.”
The Landon sits between the Hudson River and Times Square, within strolling distance of Bryant Park, Hudson Yards, Birdland Jazz Club, and the Hudson River Waterfront Walkway. Of course, there are the neighborhood’s innumerable restaurants, bars, coffee shops, gourmet stores, parks, event spaces, and all that Manhattan has to offer.
Given the low, low rental price—what’s the catch?
How to get this cheap NYC apartment
The apartment, Unit 22B, is an affordable apartment and therefore has strict income and asset requirements for the future resident, who will be selected by a lottery system.
The lottery for this apartment had strict eligibility guidelines: The winner(s) must earn a household income of only 40% of the area median income (ADI). For one person, that is $33,096 to $45,360; two people would be $33,096 to $51,840; and three people is $33,096 to $58,320.
Household earnings include salary, hourly wages, tips, Social Security, child support and other income. There is an asset limit of $64,800.
Should you earn too much for that particular unit, there are other ways of snagging your dream cheap NYC pad.
The lottery manager, Reside New York, an approved Housing Preservation & Development marketer for the city of New York, has other affordable apartments available. You can browse the open listings here. There are under-market apartments available in all boroughs. (Realtor.com® contacted Reside New York for comment.)
But don’t dilly-dally, as applications for lottery apartments are only open for three weeks before closing—and no doubt you’ll be competing with thousands of people.
Why would developers offer this kind of deal when New York City apartments like the one being offered at The Landon could be rented out for so much more money? Because the city offers tax abatements for developers willing to set aside a certain amount of apartments for lower income residents.
While New York has the third highest share of millionaires in the country, according to Realtor.com® data, plenty of people in the city do not have that kind of money.
Whether it’s the people who deliver your favorite Thai takeout, the actors in your favorite Broadway musical, or the teacher who educates your children, the city thrives because of all that nonmillionaires contribute to it, and they need nice places to live, too.
The NYC affordable housing lottery “has allowed me to continue to live in the neighborhood I love while working as an artist,” choreographer and musical theater director Merete Muenter previously told Realtor.com.
“I no longer feel the stress and struggle of trying to have enough money to pay rent and bills every month—it’s such a relief.”
Can you increase your chances of getting chosen?
Douglas Elliman top 1% rental agent Keyan Sanai, who lives in a building with 20% affordable units, tells Realtor.com, “Nobody really knows how it works. It’s like figuring out how magic works.”
He says not only has he witnessed evidence that some of those in the affordable units in his building are not actually low-income residents, but that at least one of his neighbors has a criminal record and is continuing criminal activities.
“There should be some other kind of criteria besides income, so that these apartments go to those who really deserve them,” he says.
However, it is illegal for most New York City housing providers to discriminate based on a criminal record.
Should you need help figuring how to snag an affordable NYC apartment, the city’s “Ready to Rent” program offers financial counseling and application assistance in many languages.
