There’s something fancy about abbreviated neighborhood names, isn’t there? They tend to be hot neighborhoods: Tribeca, SoHo, Nolita. And, of course, NoMad, the area north of Madison Square Park. It’s certainly got cache: Jeff Bezos, the richest man in the world, owns there. And so does J.Lo! But buying in NoMad doesn’t have to cost millions, especially the way Manhattan prices are trending these days. Our Deal of the Week, 119 E. 30th St. #2R, is a great NoMad 1BR with an even better price tag.

The Price: $515,000

NoMad is a submarket of Flatiron, where the median asking price is a super-steep $2.3 million, according to StreetEasy’s Data Dashboard. That puts our Deal of the Week at less a quarter of the average price for the area.

Buyers who put down the 20% minimum down payment of $103,000 can expect to see monthly payments of $2,663. This includes a mortgage payment of $1,741 and a maintenance fee of $922.

Why You’ll Love It…

With a price tag so low, you might think this NoMad 1BR must be tiny. Or not really a true 1BR. But on the contrary, there’s lots of space, with soaring 11-foot ceilings and tall windows to make things feel open and bright. The 17-foot-long bedroom also boasts a huge walk-in closet for storage.

The living room opens to a well-equipped kitchen, where you’ll find a frequent NYC dream: a dishwasher. You’ll also love the breakfast bar, which creates an excellent spot for dining or working from home. A long exposed brick wall lends a rustic, cozy feel to the entire space, heightened by the living room’s fireplace.

Finally, let’s talk location. Our Deal of the Week is set on a tranquil, tree-lined residential street, but it’s surrounded by action. There’s a Trader Joe’s just two blocks away, and with the amount of excellent restaurants in the Flatiron area, you’ll never run out of takeout options.

Manhattan 1BRs Under $700K Article continues below

… And Why You Might Not

The location, however, can also be a detriment, depending on which way you look at it. This NoMad 1BR is actually closer to Midtown than it is to Madison Square Park, so you’re not exactly in the heart of the neighborhood. The building is a walkup, though this unit is only on the second floor so stairs aren’t a huge issue. And the configuration of the rooms makes them a bit narrow, which might make arranging furniture a little bit awkward.

Check out the listing at 119 E. 30th St. #2R, listed by Paeder Varnam of Compass.

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