In New York City, deals come at all sizes and price points. A deal could be a $42 prix fixe dinner during restaurant week, a $121 unlimited MetroCard or a $2 million townhouse — you just know one when you see one. And when we look at this 2-bedroom co-op on Saint Nicholas Avenue in Washington Heights, we see one. It might not be the most beautiful home on the market. But even if it needs work, this apartment is such a value that it easily qualifies as our Deal of the Week.
The Price: $379,000
Any apartment under $500,000 in Manhattan would stand out, but a 2-bedroom co-op for $379,000 might as well be a unicorn. HFDC apartments at this price do come up, but even those are not usually 750-square-foot 2-bedrooms. The listing here states clearly that this is a “NON-HFDC,” which means there are no income restrictions and any buyer is welcome to apply. When was the last time you saw an unrestricted place at this price that wasn’t a studio?
After putting 20 percent down, a buyer can expect to pay about $1,653 for the mortgage and $949 in maintenance, totaling a modest $2,601 per month. While that’s higher than the $2,100 median asking rent in Washington Heights, this place asks far less than most sales in the area. The median asking sales price in the neighborhood last clocked in at $599,000 — more than $200,000 above the price tag here.
Why You’ll Love It
There’s more to love about this property than the cost. Located in a prewar building in the heart of Washington Heights, the unit offers classic details like crown moldings and parquet floors. The building itself has plenty of old-school stateliness, with ornately tiled floors in the lobby and a wrought-iron staircase that looks like something out of Belle Époque Paris.
Still, buyers should approach this property with a “use your imagination” mantra, as the interiors need serious TLC. If we’re being honest, the kitchen is just a step above a college dorm. The bathroom is a bit bleak. The light fixtures and built-ins could use replacement. Yet the bones here are good. It’s a spacious apartment with all the essential amenities: ample closet room, a dishwasher, and even a washer and dryer in-unit.
The building also offers a convenient location (it’s 500 feet from the C train at 155 Street), a pet-friendly policy, and an elevator, which makes this fifth-floor unit easily accessible.
Upping the appeal for history buffs, 930 Saint Nicholas Avenue is perched atop Coogan’s Bluff, a promontory that once overlooked the polo grounds where the New York Giants played.
And Why You Might Not
If you are not up for a serious renovation, there’s no need to consider this place. To make the most of this deal, you’ll need to invest a substantial amount of time and effort. Note that we don’t say a substantial financial investment. The modifications required here are involved, but not necessarily pricey.
One thing even a gut renovation will not resolve, however, is this apartment’s light issue. The unit looks like it’s located on the interior shaft of the building, which may translate to limited natural light and dreary views. Even when you find a great deal in New York — or especially when you do — there’s always a trade-off.
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