Morningside Heights has lots going for it, from its location between two gorgeous parks to its pre-war buildings oozing with charm. Prices have dropped in this neighborhood in the last year, meaning you might be more likely to stumble onto a deal than you think. Case in point: 501 W. 122nd St. #C3. Our Deal of the Week is a 2-bedroom apartment filled to the brim with pre-war details and thoughtful, modern updates.
The Price: $625,000
The median asking price for a home in Morningside Heights was $795,000 in March, down from $1.3 million in March 2021. That puts our Deal of the Week at about $150,000 under the current median asking price!
Buyers who stick with the 10% minimum down payment of $62,500 can expect to see monthly payments of $3,991. This includes a mortgage payment of $2,941 and a maintenance fee of $1,050.
Why You’ll Love It…
The first thing you’ll see when entering this unit is the kitchen, which is also one of its best features. Green, floor-to-ceiling cabinetry provides ample storage, and leather pulls add a vintage touch. Also adding to the charm is the tin ceiling! But the kitchen is also updated where it counts, such as the full-size stainless steel appliances, including a dishwasher. A dining bar provides the perfect spot to eat or work, and a nice segue into the living room.
The living area shows off the cool wooden trim found around the unit’s windows and doors. There are even shutters in one of the bedrooms! French doors lead from the living room into the second bedroom, which could also serve as a dining room. Thankfully, both bedrooms have large windows and closets, meaning this is a true 2-bedroom unit.
And of course, what updated apartment would be complete without in-unit laundry? You’ll find a washer/dryer in the windowed bathroom.
The apartment is located just a couple of blocks from Columbia University, and is tucked in between Morningside and Riverside Parks. The 1, A, B, C, and D trains are all within a quarter mile.
… And Why You Might Not
Unfortunately, this pre-war building has no elevator. But it does have a bike room, and lots of great purchasing options including guarantors, co-purchases, and 90% financing. Additionally, if both bedrooms are used as bedrooms, you probably won’t have enough room for a formal dining set, meaning the breakfast bar will be your only designated dining space.
But for the space and the price, this unit is certainly a steal!