New York City is offering apartments in a pre-war building on West 80th Street, with prices starting at $174,000.

These affordable apartments are located just two blocks from Central Park, making them a prime opportunity for potential buyers.

Priced at approximately $340 per square foot, these units are significantly more affordable compared to other cities like Austin and Santa Monica.

For a household of two, the maximum qualifying income is set at $150,000, ensuring accessibility for many potential buyers.

Mayor Eric Adams is pushing for increased residential construction, having rezoned areas to create 7,000 new homes in the Bronx, reflecting a broader commitment to address the housing crisis.

In the past fiscal year, the Department of Housing Preservation and Development successfully placed a record 9,550 households into affordable housing units.

The development will consist of 17 units, which include studios ranging from 240 to 343 square feet and one-bedroom apartments from 466 to 544 square feet.

Apartments will be sold through a lottery system, targeting New Yorkers earning less than 120% of the area’s median income, with asset limits around $280,000.

This initiative comes as New York City faces its largest housing shortage in over 50 years, driven by rising rents and an influx of immigrants.

The building is situated near significant landmarks, including the American Museum of Natural History and Zabar’s gourmet market, enhancing its appeal.

With over 10,000 applicants already entered in the lottery ahead of the August 27 deadline, the demand for affordable housing is clearly high.

The city is also conducting lotteries for homes in other upscale neighborhoods, including Hudson Yards, Astoria, and the Upper East Side, further expanding affordable options.