Found: $550K One-Bedroom in Gramercy Park

This $550K one-bedroom at Quaker Ridge on 201 East 21st Street was listed over the weekend and is clearly popular among potential buyers. In its first two days on the market, the co-op was saved by 110 people on StreetEasy.

What makes the place so appealing? Well, for starters – the price! Couple that with the Gramercy Park location and it’s no suprise that it’s catching the attention of all of us inventory-starved, deal-hungry New Yorkers. And the unusually low price cannot be dimished as it’s truly noteworthy for the area.

The median asking price for Gramercy Park in August was $1.15M according to StreetEasy’s latest market report – that’s 92 percent more than the asking price at this one-bedroom. With a price disparity as great as that, you’ve got to be thinking ‘what’s the catch?’

A quick glance at the listing description and images leads you to believe it’s legit, but we carefully studied the broker language and floor plan for hints of red herrings.

See below for a breakdown of the pros and cons.

Pros:

• The price!
• The apartment has a convenient and central location in Gramercy Park
• The apartment offers a true one-bedroom layout with plenty of storage space and a walk-in closet!
• The maintenance fees are low ($753/month)
• It’s a doorman building
• The building offers a concierge service for packages
• There is on-site parking (that is, if you are crazy enough to own a car in NYC)

 

Cons:

• The building is located on a busy corner of 3rd Avenue
• The kitchen doesn’t offer much counter space
• There is no in-unit washer-dryer
• The building facade is slightly dated
• The entire apartment has a slightly dated feel
• There have been grumblings about the co-op board’s approval process.

Interested? Contact a Building Expert in Quaker Ridge to get the scoop.

Related:

• Lincoln Square One-Bedroom Asks $475K
• $399K One-Bedroom for Sale in the Historic Cherokee
• $1.795M One-Bedroom at PS 900 Has 1,900 Sqft Terrace