Searching for an Upper East Side apartment without a price tag in the seven-figure range? Look no further than 531 E. 72nd St. #3B. Our Deal of the Week is a Lenox Hill studio that has been used as a writer’s cottage for a Pulitzer Prize-winning author, and is now on the market for the first time in decades! Complete with built-in bookshelves, a wood-burning fireplace, and huge south-facing windows, this studio is perfect no matter what you use it for — whether it’s a pied-à-terre or your forever home.
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Learn more about our Deal of the Week!
The Price: $450,000
The median asking price for a home on the Upper East Side was $2 million this past December, according to the StreetEasy Data Dashboard. That puts our Deal of the Week at under a quarter of the median asking price for the greater neighborhood!
Buyers who put down the 25% minimum down payment of $112,500 can expect to see monthly payments of $3,531. That includes a mortgage payment of $2,207 and a maintenance fee of $1,324. The monthly payment is also lower than the median asking rent on the Upper East Side, which was $3,900 in December!
Why You’ll Love It…
You can expect the main area of this studio to be drenched in natural light thanks to its four large south-facing windows, which have also been retrofitted to be as soundproof as possible. Adding to the good vibes are the unit’s 9-foot ceilings, hardwood floors, and two walls of built-in bookcases. You’re sure to have room for all your books, board games, and knick-knacks! Anchoring the room is the wood-burning fireplace, which will be perfect to snuggle up next to during the winter months.
A separate L-shaped kitchen provides the perfect studio layout, since nobody likes sleeping next to their oven. In addition to a brand-new refrigerator, the room boasts a full-size oven and range, plus a dishwasher! There’s also plenty of cabinet space. Right outside the kitchen is a nook perfect for a dining table or desk. This nook also has its own interior-facing window, as does the bathroom, which is located past an alcove and two spacious closets.
We love what’s outside this unit just as much as what’s in it. The apartment is located in the iconic “Black & Whites,” formally known as the 72 River Tenant’s Corporation: a collection of stunning black-and-white brick facades and gorgeous red doors at the end of a cul-de-sac. Right outside the building is a cobblestone overlook onto the East River. The co-op has a live-in building manager who accepts packages, as well as a bike room, laundry room, and basement storage units for rent as available. Pied-à-terres and pets are allowed, and you may install an in-unit washer/dryer if you wish. The Q and 6 trains are nearby for easy commutes.
…And Why You Might Not
Of course, every place has its drawbacks. This unit is located on the third floor of a non-elevator building, and the kitchen is a bit outdated in terms of its cabinetry and finishes. The monthlies are also on the higher end.
But if you’re looking for a studio on the Upper East Side for under $500K, with amenities galore, give this one a look!
Check out the listing at 531 East 72nd Street #3B, listed by Gordon Roberts of Sotheby’s International Realty.
Find more NYC homes under $500K on StreetEasy