Studios starting at $11,000 and one-bedrooms going for roughly $13,000 to $17,600 are back on the table at Mayflower Terrace, a Mitchell-Lama co-op in Pelham Bay, after the state quietly reopened its waitlist this week. The buy-in is a fraction of typical market prices in the Bronx, though new owners still have to budget for monthly maintenance charges. For many moderate-income New Yorkers, it is a rare shot at long-term affordable homeownership in the borough.
According to Homes and Community Renewal, the Mayflower Terrace waitlist (HCR ID H055) lists studios for purchase at $11,000 and one-bedrooms from about $13,000 to $17,600. The official posting identifies the building at 1720 Mayflower Avenue in Pelham Bay and spells out eligibility rules along with current maintenance charges.
How much and who qualifies
PIX11 reports that the $11,000 studio price applies to households of one to two people, with an annual income cap near $108,700. Income limits for one-bedrooms are in a similar range. The outlet also notes that the posted studio maintenance charge is about $690.84 per month, so would-be buyers need to factor those ongoing carrying costs into their overall budget.
How to apply
The official sales notice directs interested buyers to submit applications through the state's online portal at my.ny.gov. For those who prefer paper, the building's managing agent, Century Management, lists assistant manager Carolyn Reyes as the contact, with an email at [email protected] and phone number (212) 560-6484 for paper application requests. Applicants are advised to read the sales notice closely for required documentation and any stated deadlines.
What to watch for
Prospective buyers should keep in mind that Mitchell-Lama co-ops are limited-equity cooperatives. That means purchasers buy shares and pay monthly carrying charges rather than getting a fee-simple deed, and resale or subletting rules can be restrictive. The New York City Department of Housing Preservation and Development notes that waitlists can move slowly and recommends that applicants review a co-op's financial statements, board minutes and recent repair history before making a commitment. HPD's Mitchell-Lama guidance is flagged as a useful resource for understanding how these programs work.
Local reporting has shown that sales notices like this tend to draw heavy interest, with waitlists often far outpacing the number of units eventually available. A recent Bronx example, highlighted in buyers snag units from $15K, played out the same way. Anyone applying here should keep pay stubs, tax returns and identification ready to go, confirm any fees directly with the managing agent, and treat a waitlist entry as the first step in a longer process rather than a fast track to immediate ownership.
