The Lower East Side has long been regarded as a no-frills, authentic NYC neighborhood. But its nightlife scene has continued to thrive since the days when punk rock dominated its clubs, and it has only gotten more popular — and more expensive — over the years. Looking for a bargain in the area? Check out our Deal of the Week: 170 Norfolk St. #8 is a Lower East Side 2BR with an industrial-chic vibe, a prime location, and a remarkably affordable asking price.
The Price: $629,000
The median price for a 2-bedroom on the Lower East Side is $1,924,000, compared to the median price for Manhattan of $1,950,000. That puts our Deal of the Week at well under half the median asking price for the neighborhood and the borough — beat that for a great deal!
Buyers who put down the 20% minimum down payment of $125,800 can expect to see monthly payments of $3,482. That includes a monthly maintenance fee of $1,007 and a mortgage payment of $2,475.
Why You’ll Love It…
Bright windows and whitewashed exposed brick and hardwoods give the apartment an airy, minimalist vibe, with an industrial edge that culminates in the renovated kitchen. Its stainless steel appliances include a Leibherr fridge, Bosch dishwasher, and Miele induction oven, with more stainless steel on the cabinets and open, ceiling-hung shelving. Neither bedroom is huge, but both can fit a queen-size bed. The bathroom is also bright white-on-white, with a marble floor, subway tile, and — say goodbye to your old shower curtain — a modern, glassed-in tub/shower combo.
The co-op building has laundry in the basement and a shared courtyard, and pied-à-terre use, guarantors, and co-purchasers are all allowed. Maybe even more important, though, is the building’s location, on Norfolk Street between Houston and Stanton. There is practically no more central home base to take advantage of everything that both the Lower East Side and the East Village have to offer, including plenty of great bars and restaurants like Russ & Daughters, Speedy Romeo, Pianos, and the new Essex Market complex. Whole Foods and Union Market are also nearby for easy shopping.
Downtown 1BRs Under $850K on StreetEasy Article continues below
… And Why You Might Not
The floor-to-ceiling bookshelves in the front-facing bedroom are crucial, because only the back-facing one has a closet. In fact, the bookshelves and the room’s configuration right next to the living area might make this space more useful as a den or home office than a bedroom. The kitchen is on the small side, without much room for preparing food, and — surprise, surprise — this apartment is a third-floor walk-up. But none of that stops it from being a phenomenal deal, and if you’re looking to buy on the Lower East Side, this one should be on your shortlist for sure.
Check out the listing at 170 Norfolk St. #8, listed by Alexander Byrd of Luxe Group.
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