UES studio goes for $14,000!
Yes, I didn’t leave off any zeros in that title - $14,000 was the sales price for UES studio apartment.
Yes, UES Manhattan. New York. USA.
Schoolteacher Matthew Thomas earned the right to buy the apartment in a lottery that makes a small number of apartments available to people with yearly incomes under $49,625.
How did he score such a sweet deal? Through a little-known loophole called the Mitchell-Lama program.
Created in 1955, the Mitchell-Lama program provides rental and cooperative housing at affordable prices to moderate- and middle-income families.
There are a little over 100 NYC-sponsored, moderate- and middle-income rental and co-op properties in New York City, which contain approximately 47,000 units. The city supervises waiting lists, management issues, and has various other oversight responsibilities for the bulk of the Mitchell-Lama developments; the rest of the developments have shared supervision by the city and the Federal Department of Housing and Urban Development (HUD).
Want to score one of these cheap luxuries? Check out the city’s information page.
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