The New Bargain

If you have an eye for design and a fondness for mind numbing bureaucracy, HDFC cooperative apartments might be right for you. Otherwise known as income restriction apartments, these units have been touted as both the final frontier in Manhattan real estate and as a can of worms never to be opened. HDFC apartments being offered in areas where they have not traditionally been available account for the increased interest.

We attempted to gain a handle on the issue before presenting it to you, but fell asleep. Do try and make sense of it by reading the related content below-

1.) New York Times Querry 1998

2.) Habitat Article, Bill Morris

3.) Tenant.net forum

The major disadvantage on this class of apartments are severe flip taxes imposed on resale. However, we understand that these can often expire over a set period of time, meaning that long term buyers could stand to benefit. Nonetheless, these units are intended for permanent residents. While we advise interested parties to proceed with caution (and consulation with an attorney) apartments like those below could represent a tremendous opportunity to suited buyers.

HDFC Apartments Available: As of December 2008. 

Street Easy lists six units available at 7 West 92nd, a prewar building with elevator, just off Central Park West. They range from $350,000 – $525,000 for two and three bedroom apartments.

Also Available:   

309 East Houston Street # 2A: 2 Bedroom on East Houston and Clinton. $399,999

NOTE: We will be updating this page with other HDFC listings as we come across them.

~ by madhattan on December 3, 2008.