Trying to afford a condo in notoriously expensive Manhattan? You might be in luck: A new development in Midtown’s Turtle Bay enclave has a bedroom for everyone.

At least that’s what its developers say.

The median price of a one-bedroom home in Midtown is $1.29 million, according to StreetEasy data. At the Perrie – a former hotel now made up entirely of one-bed, one-bath condos – prices start at $875,000. Additionally, three-quarters of the 20-story building’s 90 units, which launched sales last month, have an asking price of less than $1.2 million. On the top floor, five penthouses start at $1.38 million.

To make its apartments more accessible, Cape Advisors, the developer behind The Perrie, located at 234 E. 46th St., also plans to seek approval from the Federal Housing Authority (FHA), the company’s president said, David Kronman.

FHA approval means that building buyers may qualify for FHA-backed mortgage loans. Among their advantages, these loans accept down payments of 3.5% for primary residences of those with credit scores above 580and 10% deposit for those with scores above 500. Loan amounts are capped to $1,149,825 in 2024.

FHA loans can also offer low interest rates, a relief in today’s inflation-hit market, where the rate for a 30-year mortgage is around 6.5 percent. In exchange, FHA charges a Mortgage Insurance Premium (MIP) fee, which is typically added to a homeowner’s monthly mortgage bill.

“Our goal is to make homeownership easier and more accessible to as many people as possible, especially those who, without the FHA financing option, may not be able to afford a condo in New York.” , Kronman told the Post.

But FHA loans aren’t generally necessary among Midtown buyers. The median home price in the neighborhood was $2.75 million in September and $1.55 million in Manhattan overall, according to StreetEasy. Meanwhile, 64% of buyers in the borough paid cash for their home in April, the New York Times reported.

To sweeten the deal, Cape Advisors will also allow owners of The Perrie to rent out their units for periods as short as 30 days. This way, “buyers have the flexibility to rent out their homes when they are not in New York, whether working remotely or traveling,” Kronman added.

Douglas Wagner, director of brokerage services for BOND New York Properties LLC, countered that The Perrie’s offerings are a buying opportunity for blue-chip tenants, rather than a path to homeownership in Midtown for households with modest means.

Wagner said factoring in the costs of a mortgage payment, MIP, common charges and property taxes makes the lowest monthly payment at The Perrie higher than the cost of rent in a comparable building – even with a loan FHA.

In Midtown, the median rent for a one-bedroom apartment was $4,650 last month, according to StreetEasy. A September study on the listing site found that buyers needed an annual household income of at least $211,970. buy a house at the median price in New York.

“I don’t think it helps buyers who don’t have big jobs with six-figure incomes, which is what most FHA loan products do, but it gives the white-collar renter in New York a more path fast track to homeownership,” Wagner says.

Still, Kronman said his project offers value to buyers. Although he charges prices that are generally below market rates, the building still has some brilliant amenities, he noted.

Each unit features an open floor plan with marble countertops, backsplashes, and bathrooms. Eighty-five houses there have balconies, and the penthouses have both balconies and roof terraces.

On the ground floor, the double-height entrance hall is also in marble, while the outdoor landscaped gardens are equipped with fire pits and spaces for working, relaxing and exercising.

The building also has a gym, coworking suite and residents’ lounge.

“We understand the amenities people use. and that look great on paper but people are never going to use,” Kronman said. “We believe we have created a value proposition that is unlike any other condominium project in New York.”