I do professional maintenance and I see nitrates that are quite high (up to 160ppm) in a lot of successful reef tanks. Phosphates between 2 and 3. They get that high because the customers want more fish, and service less often. By no means is it ideal, but I can tell you that if you go with the hardier corals (most soft and LPS as mentioned) they stand a decent chance. Just make sure to invest in good filtration and lighting.
I would recommend green star polyp, leather corals (seen some thrive in 300ppm nitrate), gorgonians, mushrooms, and some of the larger zoanthids (e.g. protopalythoa). For LPS you'd be best off with a frogspawn.