For most people, owning an apartment on the Upper West Side, just minutes from Central Park, is an expensive dream. However, New York City apartments in the prime location are being sold for as little as $174,000. There is, however, a catch. The cheap properties, located in a 5-story walk-up pre-war building, are being sold through a lottery open only to those earning below $150,000 — 120% of New York's median income. Once converted, the building will contain both studio flats between 240 and 343 square feet, and one-bedroom units, which range from 466 to 544 square feet. The Upper West Side is one of New York’s wealthiest neighborhoods, with a median house price of $1.7 million, or $1,600 per square foot. Those looking to get their hands on one of the 17 units at 165 West 80th Street must enter the lottery by the deadline on August 27. Applicants must use the home as their primary residence and are not permitted to own or have previously owned a property. Interested buyers must also have 5% of the purchase price as a down payment.
