Buy a NYC apartment for $7,200

By Michael Stoler | March 10, 2011 11:36AM

Rochdale Village

Can you imagine owning a one-bedroom co-op apartment in New York City for as little as $7,200? Or what about a three-bedroom apartment with a terrace for $15,600 with monthly fees of $1,131 to $1,438?

Yes, you heard me right.

Homeownership is considered by many to be the American dream and the co-op Rochdale Village remains one of a few Mitchell-Lama limited equity co-ops, providing exceptionally low purchase prices with low monthly carrying charges, for families with low- and middle-income earnings.

And now, Rochdale Village, which sits in the heart of South Jamaica, Queens and is considered “The Jewel of Jamaica,” has made the rules for purchasing units even sweeter.

Until June 20, individuals can apply for two-bedroom apartments (which are typically for two to four people) and households of two to three people can apply for three-bedroom apartments (that are typically for four to six people).

One-bedroom apartments cost $7,200 to $9,600, two-bedrooms run from $10,800 to $12,000 and three-bedrooms have prices of $14,400 to $15,600. Monthly carrying charges range from $525 to $1,488. Income requirements for buyers range from $44,814 to $148,072. For example, one or two persons eligible for purchasing a one-bedroom unit together can have a maximum income of $65,506.

The 122-block Rochdale Village occupies the former site of the Jamaica Racetrack and is bounded by Baisley Boulevard, Bedell Street, 137th Avenue and Guy R. Brewer Boulevard. When it opened in 1963, it was the largest private co-op housing complex in the world, later surpassed by Co-op City in the Bronx.

The complex of 20 buildings, opened in 1963 by United Housing Foundation, is located on a 120-acre site and has its own power plant and a cogeneration facility that provides electrical power, heat, air conditioning and hot water service to the residential development.

Developed under the Mitchell-Lama Housing program, the co-op was built to provide affordable housing for low- and middle-income families. The complex has a total of 4,860 residential units, three schools, two shopping malls and two supermarkets as well as a community center, post office and its own branch of the Queens Public Library.

Michael Stoler is a columnist for The Real Deal and host of real estate programs “The Stoler Report” and “Building New York” on CUNY TV and on WEGTV in East Hampton. His radio show, “The Michael Stoler Real Estate Report,” airs on 1010 WINS on Saturdays and Sundays. Stoler is a director at Madison Realty Capital as well as an adjunct professor at NYU Real Estate Institute, and a former contributing editor and columnist for the New York Sun.