Nab an $867 apartment in Chelsea through a new housing lottery

New York's latest affordable housing lottery opened up this week in one of the city's most expensive neighborhoods. This one comes to 42 West 33rd Street, a new building situated on the edge of Chelsea that has a wide array of amenities that include a pool, a gym and a golf simulator. 

The lottery includes 14 studio apartments at $867 per month, with applicants required to earn an annual income of between $31,612 and $40,080. There are an additional 26 one-bedroom units and five two-bedroom pads up for grabs, with household income requirements ranging from $33,875 on the low end and $57,240 on the high end. 

Living in Chelsea isn't the most frugal life choice—the median rent in the nabe is $4,900, according to Trulia. But this lottery—along with another one that opened up 19 apartments on 29th Street for as low as $833 last May—gives those who dream of living in the area a small shrivel of hope.