The Greenwich Village-based university recently purchased 58 units at the soon-to-open Riverwalk Landing condominium on Roosevelt Island as part of a new faculty housing program. Under the Riverwalk Landing Purchase Program, the school will resell the units to N.Y.U. faculty at below-market value. And it only gets better for the professors. Not only will the condos be offered at a discount, but the university will give secondary financing for up to 30 percent of a unit's purchase price.

The condos will range in price from $346,000 for a 500-square-foot studio to $1.3 million for a 1,500-square-foot three-bedroom, according to the university.

There is one hitch, though. Only permanent faculty living in university housing are eligible. Sadly, post-doctoral fellows, acting professors and faculty fellows are not.

Because of the high likelihood that faculty members will be interested in the same unit, the university held a lottery last night for interested parties. (Brings back memories of sophomore year, doesn't it?) The lottery was open to faculty who had submitted an Intent to Purchase form by last Monday. With the lottery complete, units are now available on a first-come, first-serve basis.

Riverwalk Landing, which will be located at 425 Main Street on Roosevelt Island, is scheduled to be complete by July 2007.