The East Village is pretty much the definition of “effortlessly cool.” From its rock-and-roll history to its classic brick buildings, it has remained an enviable neighborhood for decades. While prices here can be high, there are still plenty of more-affordable gems. For example, our Deal of the Week: 88 E. 3rd St. #7. This gorgeous East Village 1BR boasts exposed-brick details and a fantastic location for a surprisingly low cost.

The Price: $525,000

The median asking price for an East Village home is $992,500, according to the StreetEasy Data Dashboard. That puts our Deal of the Week at just over half the average price for this iconic neighborhood.

Buyers who put down the 20% minimum down payment of $105,000 can expect to see monthly payments of $2,314. That includes a mortgage payment of $1,744 and a maintenance fee of $570 (very low by NYC standards). By comparison, the median asking rent in the East Village is a high $3,400.

Why You’ll Love It…

This East Village 1BR isn’t enormous, but it uses its 500 square feet very wisely. You’re greeted by a small entryway, which leads into a surprisingly spacious kitchen. It’s nicely renovated, with full-size stainless steel appliances and butcher block countertops. Ample white cabinetry complements the mosaic tile backsplash. It’s a great space for cooking (or heating up leftovers!). And as an added bonus, an under-counter washer/dryer means you can also do laundry in the privacy of your own kitchen.

The kitchen opens into a comfortable living room, which is well lit thanks to two oversized windows. A wall of exposed brick provides a classic vibe. And the brick continues in the bedroom on the other side, with a decorative fireplace too. Talk about chic! It also sports a closet and a southern-facing window. The bathroom has been nicely updated as well.

Finally, our Deal of the Week enjoys a pretty stellar downtown location. It’s close to the Lower East Side, SoHo, Noho, and more. It’s also close to both Tompkins Square Park and Sara D. Roosevelt Park and multiple train lines. Plus, the surrounding blocks are teeming with some of the East Village’s best bars and restaurants.

Downtown 1BRs Under $600K on StreetEasy Article continues below

… And Why You Might Not

The bedroom window in this East Village 1BR seems to face an airshaft. So you might not get the most light in there. And, while the bedroom isn’t too terribly small, the fireplace might make it awkward to configure your furniture. And finally, like many older East Village buildings, this one is a walkup. But at least you won’t have to lug your laundry up and down the stairs!

To learn more, check out the listing at 88 E. 3rd St. #7, in the East Village.

Whether you’re looking to rent or to buyfind your next NYC apartment on StreetEasy.