The East Village is a quintessential New York neighborhood, filled with walk-up prewar buildings, cool bars, and bustling streets. Unfortunately, the neighborhood’s growing popularity means it’s also home to high price tags. But sometimes, you find a diamond in the rough, like 507 E. 12th St. #1B. Our Deal of the Week is a 1-bedroom unit with plenty of storage and a well-appointed kitchen.

The Price: $549,000

The median asking price for a home in the East Village was $1.2 million this March according to the StreetEasy Data Dashboard. That puts our Deal of the Week at less than half the median asking price for the neighborhood!

Buyers who stick with the 20% minimum down payment of $109,800 can expect to see monthly payments of $3,396. This includes a mortgage payment of $2,417 and a maintenance fee of $979. It’s also less than the median asking rent in the East Village, which was $3,940 this March.

Why You’ll Love It…

Upon entering this unit, you’ll immediately notice the new hardwood floors and tall ceilings that create a modern feeling. The spacious living room features a double-door closet with additional storage cabinets overhead. Similar storage is found in the queen-sized bedroom through the French doors in the living room. The bedroom also has two windows letting in plenty of light.

The kitchen is located off the living room and features a built-in fridge and dishwasher that are flush with the wall, creating a sleek look and more space. In addition to the mounted microwave, full-sized oven, and cabinet space, the kitchen also includes a moveable cabinet that provides flexible storage and cooking space.

Just a door from the kitchen, the bathroom also has great storage space in the medicine cabinet, underneath the sink, and on the wall-mounted shelving. The shower has a sliding door and soaking tub.

This unit is located in a prewar building complete with laundry, storage cages, and a bike room. The L train is only a couple blocks away at 1st Avenue, in addition to Target and Tompkins Square Park. Plus, co-purchasing, pied-a-terres, guarantors, and parents buying are all allowed.

… And Why You Might Not

Unfortunately, dogs are not allowed. The unit is also on the first floor, but in this walk-up building, you may see that as a plus!

Check out the listing at 507 E. 12th St. #1B, listed by Trish Goodwin of Compass.