The W New York Downtown Hotel & Residences has come up with a unique way to advertise its project. It’s giving away one of its condos, for free.*

HGTV is offering a one-bedroom/one-bathroom, ~940 square foot, 33rd-floor home to one lucky winner. Its value is estimated at $1.535 million.

It’s our first ever giveaway that breaks free from the countryside and gives one lucky viewer the chance to win a contemporary urban apartment right in the heart of New York City, along with the fabulous lifestyle that goes with that. Best of all, the high-rise pad is designed and decorated by world-famous Vern Yip, who will put his contemporary spin into a space with endless views of the big apple. We’ll also show viewers how to register for their chance to win this incredible property.

There are 37 condos under contract in the 223-unit building (16.5%), according to StreetEasy.com. Average price on the closed units is $2,100 per square foot.

The developer of the W NYC has leased 64 units to a short-term rental company, according to The Real Deal, which will furnish them and rent them out for at least the next two years.

Meanwhile, the W Boston Hotel & Residences has sold approximately 19 of its 122 units (15%), at an average $1,064 per square foot. The Boston Herald reported last week that the Prudential Insurance Company, which invested $192 million into the recently-completed project, is pressing the owner of the mixed-use development, Sawyer Enterprises, to put the property up for auction.

In a court filing, Prudential specifically mentions the potential for renting out some of the units – apparently Sawyer wants to rent out 25 of the condos in a similar arrangement to above. The insurance giant dismisses the idea, according to the Herald, saying that if it did so, it would cause the building to be “stigmatized as rental property.”

Meanwhile, sales continue seemingly unabated in the W Boston Hotel & Residences – a $2.25 million home sold just this week.

*Of course, the winner will be responsible for all taxes (and closing costs?) and for monthly condo fees that are estimated at $1,402, according to curbed.com

Photo courtesy of HGTV.com