Chelsea is known for its eclectic atmosphere, full of great restaurants, bars, art galleries, waterfront parks, and of course the High Line. Unfortunately, it’s also known for its high prices, and finding a renovated apartment in the neighborhood for under $1 million can be a bit of a challenge. But they’re out there! Take 261 W. 22nd St. #22, for instance. Our Deal of the Week is a studio that can be converted to a 1-bedroom, complete with recent updates and thoughtful design by its former owner: a fashion photographer.

261 W. 22nd St. #22

Price $699,000

Space 1 bed, 1 bath

Neighborhood Chelsea

Borough Manhattan

Learn more about our Deal of the Week!

View Listing

The Price: $699,000

The median asking price for a home in Chelsea was $2.4 million this October, according to the StreetEasy Data Dashboard. That puts our Deal of the Week at under a third of the median asking price of the neighborhood!

Buyers who opt for the 20% minimum down payment of $139,800 can expect to see monthly payments of $4,882. This includes a mortgage payment of $3,849 and a maintenance fee of $1,033. That’s lower than the median asking rent in Chelsea this October, which was $5,072.

Why You’ll Love It…

You can certainly tell this unit was styled by someone with an eye for design. It’s decked out in limewashed walls, whitewashed brick, and white hardwood floors. The south-facing windows and high ceilings keep it feeling bright and airy. But the place isn’t just style; it has plenty of substance, too. New renovations in the kitchen and bathroom bring all the modern conveniences one could need to this pre-war apartment.

The windowed kitchen is outfitted with a dishwasher, new white countertops, subway tile, and a Bertazzoni range. A mix of glass-fronted cabinetry and open shelving provides ample storage that’s also aesthetically pleasing. The kitchen is also home to the in-unit washer and dryer! The bathroom is windowed as well, and the white penny tile floors and blue-green subway tile walls create the perfect palette.

The unit is currently configured as a studio, but the wall dividing the living room from the bedroom can be re-installed to make it a true 1-bedroom (see second floorplan above). Either way, the bedroom area has a custom Elfa closet and a wall of whitewashed brick, in addition to a south-facing window.

The unit is located in a pet-friendly, pre-war co-op building. Private storage is available in the basement, and there’s a renovated and furnished roof deck overlooking Manhattan. Co-purchasing and gifting are allowed. Thanks to its location in the heart of Chelsea, this building has amazing access to great coffee shops and restaurants, such as Citizens of Chelsea, Brooklyn Bagel & Coffee Company, TAO, and Cookshop. Chelsea Market, the High Line, and numerous other attractions are also nearby. The C and E trains are just down the street, and the 1, F, and M trains are easily accessible as well.

…And Why You Might Not

Unfortunately, this apartment is on the fourth floor of a walk-up building — but at least you won’t have to go up and down the stairs to do laundry! And if you want to turn the unit back into a 1-bedroom, you’ll have to re-install the wall that was once there, which not everyone may be up for.

However, for such a stylish and updated unit in the heart of Chelsea, this price is hard to beat!

Check out the listing at 261 W. 22nd St. #22, listed by Talia Shor of Compass.