44 Affordable Co-Ops Up For Sale Through Housing Lottery In Manhattan

HAMILTON HEIGHTS, NY — An affordable housing lottery has launched for 44 renovated cooperative apartments in Hamilton Heights, offering qualifying New Yorkers a chance to become homeowners along Riverside Drive.

The apartments are located at 640 Riverside Drive, a 134-unit cooperative overlooking the Hudson River. The homes range from studios to three-bedrooms, with estimated sales prices between $185,000 and $295,630, according to the city's Housing Connect listing.

The apartments are available to households earning up to 120 percent of the area median income, with specific income requirements varying by apartment and household size.

For example, eligible incomes for the five studio apartments range from $96,653 for a one-person household to $162,840 for a two-person household. The studios have an estimated sales price of $185,000.

The lottery also includes 28 one-bedroom apartments, with estimated prices of either $219,040 or $253,080; four two-bedrooms priced at an estimated $253,080; and seven three-bedrooms priced between an estimated $287,120 and $295,630.

The building is being renovated with financing through the New York City Department of Housing Preservation and Development's Third-Party Transfer program.

The apartments feature hardwood floors and new kitchens and bathrooms, while the Riverside Drive property offers views of the Hudson River and George Washington Bridge.

Building amenities include a shared laundry room, an accessible entrance and security cameras. The building is smoke-free and pet-friendly.

Applicants must be first-time homebuyers and cannot currently own real estate. Buyers must make the apartment their primary residence, put at least 10 percent down and have a minimum credit score of 640.

A percentage of the apartments are set aside for people with mobility, vision or hearing disabilities. Preference for a percentage of the homes will also be given to residents of Manhattan Community Board 9 and municipal employees or military veterans.

How To Apply

Qualifying New Yorkers can review the full eligibility requirements through NYC Housing Connect.

HPD will hold a virtual informational session about the homeownership opportunity on Aug. 26 at 6:30 p.m. Attendance is not required to purchase a home.

Learn more here.