Don’t let the listing description fool you. This co-op at 250 West 15th St. #1H may humbly introduce itself as a studio, but it is so much more than that. Take a closer look at the place, and you’ll see why it’s our Deal of the Week.
The Price: $493,000
Even if we didn’t factor in all the perks this co-op has to offer, or its modest designation as a studio, the apartment would be a great deal by Chelsea standards. The median asking price for studios in Chelsea is $599,000; in Manhattan overall, it’s $575,000. If we look at the cost of 1-bedrooms — as we should; you’ll see why in a sec — the savings this studio offers become all the more apparent. The median price of a 1-bedroom in Chelsea runs to a hefty $1,168,000.
Buyers who put down 20 percent ($98,600) for this unit will be on the hook for monthly payments of around $2,751. That’s about what renters in Chelsea typically shell out every month for a studio. But here, for that amount, you’d own a place with many of the fixings of a 1-bedroom co-op.
Why You’ll Love It …
Though it is technically a studio, this apartment is really an anomaly: the the layout looks much more like a 1-bedroom, with a separate kitchen and sleeping area. That curtained-off nook is not quite a true bedroom, sure. But it will feel like one most of the time.
Next, factor in all the classic Manhattan character, like exposed brick and a decorative mantlepiece. A prime Chelsea location on 15th Street just off Seventh Avenue makes the place even more legit.
To seal the deal, the apartment offers rare amenities for studios at this price — namely, ample closets and private outdoor space. And the building has laundry and storage in the basement, along with additional communal outdoor space. It even allows pets.
… And Why You Might Not
The apartment is located in prewar co-op built in 1930. Unlike many prewar buildings, though, this one is a bit drab, and lacks the curb appeal of some other Chelsea buildings. This unit’s lighting, fixtures and cabinetry also look somewhat dated. With a simple makeover, however, this unassuming studio could easily be freshened into an almost-1-bedroom beauty.
See the listing: 250 W. 15th St. #1H, listed by Gina Ko and Chrisoula Papoutsakis of Triplemint.
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