This week, our Deal of the Week sits on the Lower East Side, a neighborhood with a rich history and very cool present. From numerous late-night venues to unique eateries, the LES has it all. While prices in the neighborhood have been heating up for years now, there are still deals to be found, like 455 FDR Drive #B1503. This 1-bedroom unit resides on a tall floor of a building with an elevator and a doorman – a rarity on the LES, which is filled with walk-ups.
The Price: $495,000
The median asking price for a home in the Lower East Side was $1.2 million as of February, according to the StreetEasy Data Dashboard. That puts our Deal of the Week at well under half the median asking price for the nabe!
Buyers who stick to the 20% minimum down payment of $99,000 can expect to see monthly payments of $2,770. This includes a mortgage payment of $2,116 and a relatively low maintenance payment of $654. In fact, your monthly payment will turn out to be much less than the neighborhood’s median rent, which was $3,995 as of February.
Why You’ll Love It…
This unit gets tons of light thanks to large, southwest-facing windows in the living room and bedroom. Both rooms are generously sized, at about 212 square feet and 160 square feet respectively. Parquet hardwood flooring flows throughout the unit, starting in the formal foyer with a large coat closet. And speaking of closets, you’ll find another outside the bathroom, one in the bedroom, and a pantry in the kitchen for ultimate storage.
The kitchen includes a dishwasher and full-sized oven and fridge. (Note that the floor plan is inaccurate; the refrigerator is now in a different spot and a dishwasher has been added.) Open shelving adds a modern touch, while classic cabinets provide some additional storage space. Down the hall, the black-and-white bathroom has a pedestal sink, medicine cabinet, and soaking tub.
Better yet, the unit is located on a high floor of a huge co-op building complete with a 24/7 doorman and an elevator. Plus, the building offers a laundry room, community room, and fully-equipped fitness center. You can’t beat that for only $654 in monthlies! Especially when you throw in that subletting is unlimited after two years of ownership.
The location is also very convenient, just a couple blocks from Corlears Hook Park and its ferry terminal. John V. Lindsay East River Park is just across the street, which boasts a walking path and sports fields. The F, J, M, and Z trains all stop about a half-mile away at Delancey Street. And on the way, you’ll have easy access to Trader Joe’s and Target.
… And Why You Might Not
Of course, every apartment has its drawbacks. The kitchen is on the smaller side as far as kitchens go, so it might not be the best for serious home chefs. And although the windows are oversized, there are only two of them in the unit, so you may not get a lot of light in the back half of the apartment.
But if you’re looking to buy on the Lower East Side, be sure to bookmark this one!