Best Starter Apartments Vol. 1


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This is balling

There are many places one can call home here in NYC. The first choice for most is Manhattan. The balance of safety, having the entire city as your backyard and location make this the end all be all. Do realize, that most condominiums are hovering just north or south of $1000/sf . The flexibility with condo ownership makes it more appealing for those who don’t have the strong financials. When you are looking for a 500sf studio, you are talking $500,000 minimum for older condominiums. New construction in prime areas with amenities can easily start around $700,000.

Since many are not aware of these market realities and who doesn’t like a good deal, I have taken my $1M tour and downsized it to a basic starter apartment range of budgets. If you are looking for a bargain price, have strong financials then look at co-ops. In the interest of helping those who are unsure of which category they fall into, I will provide you with an option for each.

These are hands down, the lowest priced, sound values for purchase in the entire city right now. I have lived in more areas than there are subway stops. If I say the entire city, I mean it. There is always a lower priced deal for more space out there, but would you really live somewhere based off of the price tag? You know the old adage, you get what you pay for.

$155,000 Co-op on 63rd Street Upper East Side

This is a remarkable value as it is hands down, the most square footage, in a full time doorman building, south of 96th street right now. The co-op just purchased the land and the monthly maintenance is 71% Tax deductible. The total net after tax cost is only $1685 per month with a cash purchase! This is an exceptional co-op in that there is unlimited renting allowed after two years of ownership! Huge 575sf Alcove Studio custom designed and impeccably renovated. Discounted over 60% to offset the high monthly maintenance. The comparable apartments in the neighborhood cost over $425,000. You can buy this apartment for a 60% discount! There is a flexible board, great location the apartment is east facing. This is recently renovated and designed with high end finishes to utilize every last inch featuring Subzero and GE stainless steel appliances, cherry wood cabinets and granite countertop. The kitchen is not only top-of-the line, it is sized to entertain. The bathroom features modern Grohe fixtures and designer tile. This home has an open plan feel, so you might feel as though you were in a loft, but with all the conveniences of the Upper East Side. This is a Full-service co-op that features a planted roof deck (designed by the architect who landscaped the Central Park Zoo), a new high styled classic contemporary air-conditioned lobby and elevators designed by Ephelind Coblin Architects, a newly designed facade and entrance. There is a garage for $350/mo, a common storage, bike room and laundry room. The pet policy is dogs must be 20 inches or less in height and weigh 40lbs or less.

$335,000 Condo in Battery Park City

Beautiful one bedroom, one bath apartment in a 24 hour full service doorman condo building located in the heart of Battery Park City, minutes from Wall St., next to the Hudson River Esplanade. This 537sf apartment has north facing oversized windows, is bright and quiet. The apartment features new hardwood floors and an open kitchen, marble bathroom. The building has newly renovated lobby, free exercise room, bike room, laundry on every floor. And on-site parking. Do not miss this opportunity.

Or for more square footage, quality and a better location…

$691,000 Condo in Gramercy 

Incredible Value! Now priced at $1000 a square foot with combined taxes and common charges under $850. Loft-like one bedroom with high ceilings boasting nearly 700 sf of interior space on the 2nd floor of an intimate walk-up condo building. This home features a large living/dining room combination that is ample and airy creating the perfect setting for entertaining; open kitchen with an island and stainless steel appliances which include a dishwasher; and a marble bathroom. Washer dryer on every floor and only 2 apartments per floor. East exposure facing the rear of the building allows for a pure quiet escape… Located on Third Avenue just South of 23rd street in one of the most convenient and sought after neighborhoods.

These are the three lowest priced options for ownership in Manhattan downtown. There is nothing lower. The co-op is a remarkable value if you can make an all cash purchase as the monthly will be lower than most condo options. The condo in BPC is decent if you are looking in that area, but the one in Gramercy is really the perfect blend of quality, location and space overall. You lose the amenities but get a much nicer home overall.

If you or anyone you know is thinking of making a purchase, do feel free to contact me for advice, assistance or even objective feedback.

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About ronniehats
Native NYer, man of many hats, residential broker. You need something in NYC? The Hat Man CAN do!

2 Responses to Best Starter Apartments Vol. 1

  1. Pingback: What You Can Get For Your Money – The Neighborhoods of Manhattan « Diana Wu — diana.wu@elliman.com

  2. Pingback: Best Starter Apartments Vol. 3 « The Home Team

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