2 bedrooms on the Lower East Side for $625K? That’s a slam-dunk Deal of the Week.

As the median sale price for a 2-bedroom apartment in Manhattan nears $2 million, affordable finds in hot neighborhoods are getting harder to come by. That’s where our latest Deal of the Week comes in. This 2-bedroom apartment, at 249 Eldridge St. #3 on the Lower East Side, has a great location, a great look and perhaps most importantly, a great price.

The Price: $625,000

The median sale price for a 2-bedroom apartment on the Lower East Side is $2,262,500 — much higher than the Manhattan median. This apartment comes in more than $1 million below the median for both the neighborhood and the borough. It’s hard to beat that.

Buyers looking to put down 20 percent ($125,000) can expect to see monthly payments of about $3,429, which includes a maintenance fee of $896. That’s slightly above the $3,300 median monthly rent for the Lower East Side, but still below the borough median of $3,875. As the listing says, this apartment is a great example of “Why rent when you can own?”

Why You’ll Love It …

One of the greatest features of this apartment is its location on the corner of Houston and Eldridge Streets, right in the middle of all of the action on the Lower East Side. It’s just a few blocks from the New Museum, the Bowery Ballroom, the Tenement Museum and the Upright Citizens Brigade Theatre. There are tons of great restaurants nearby and a Whole Foods only three blocks away. It’s mere feet from the Second Avenue stop on the F train, and the 6, B, D and M trains are close, too.

Chalkboard walls and cute appliances in the kitchen give the cooking and dining area a bit of unexpected charm. Plus, 2 bedrooms are always better than one, and these are both able to fit a queen-size bed and a desk or dresser.

Cats and dogs are allowed, as are as gifting and sublets. So what could go wrong?

… And Why You Might Not

With a bathroom and a closet separating the living room from the kitchen, the layout of this apartment is definitely awkward. Couple that with the fact that only one bedroom has a closet, and there’s cause for genuine concern. A careful walk-through will be needed to see if this place is right for you.

Another factor to consider: Houston Street can definitely be loud and busy, and having an apartment almost directly on the street (it’s just off the corner of Houston on Eldridge) may not suit everyone.

Still, if you’re willing to maneuver around some awkwardness and deal with some street noise for the sake of a well-placed bargain, you may have just found a keeper.

See the listing on StreetEasy: 249 Eldridge St. #3, represented by Greg Vladi of Triplemint.
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