Homes for the 99%

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.

68 Garden Street, Apartment B2F, Bushwick The basics: A 927-square-foot two-bedroom, two-bath with private outdoor space off Bushwick Avenue.
The rules: Maximum income is $134,250 for one person; $153,500 for two; $172,750 for three; minimum income is $90,000. No subletting allowed.
Monthly common charges: $1,291.
Agent: Francisco Diaz,
$189,000 Photo: Courtesy of the Broker

172 Delancey Street, No. 6D The basics: The previous owner, a cabinetmaker, customized this walk-up one-bedroom.
The rules: The income-cap formula is a doozy”maintenance plus utilities times six for one person or seven for two, then multiplied by 12, plus 6 percent of the previous purchase price. A 7 percent flip tax applies to sales within five years.
Monthly maintenance: $301.
Agents: Neal Young and Jeremy Bolger, Halstead Property.
$339,000 Photo: Courtesy of the Broker

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.
$399,00 Photo: Courtesy of the Broker

130 Lenox Avenue, No. 1006 The basics: This three-bedroom co-op has more amenities than most”a doorman, garage, courtyard, community-supported-agriculture drop-off, and recycling program.
The rules: You have to make at least $79,000, and until July, there is no maximum income, but there is a flip tax of 3 percent and a $15,000 resale-profit fee.
Monthly maintenance: $2,282.
Agent: DeAnna D. Rieber, Halstead Property.
$399,00 Photo: Courtesy of the Broker

300 West 135th Street, No. 4b The basics: A two-bedroom, two-bath in a recently constructed condo with access to a terrace, fitness center, and garden.
The rules: As income restrictions go, this one’s generous: $198,000 for the household. But 50 percent of any profit from a sale within fifteen years goes to the Housing Development Corporation.
Monthly common charges and taxes: $703.
Agent: Robert Williams, Warburg Realty.
$489,000 Photo: Courtesy of the Broker

Homes for the 99%