SoHo often seems like a playground for the rich and famous. It’s no surprise that everyone wants a piece of this iconic neighborhood, from tourists to celebrities to longtime New Yorkers. Typically, a piece of it would cost you several million dollars. But that’s where our Deal of the Week flips the script. This SoHo 2BR, 150 Sullivan St. #47, boasts an enviable location for a price that’s just a fraction of the area’s average.

The Price: $525,000

The median asking price for a home in SoHo is $3 million, according to the StreetEasy Data Dashboard. Three million dollars! That puts this SoHo 2BR at about one-sixth of the average price for the neighborhood. It might well be a new Deal of the Week record.

Buyers who put down the 20% minimum down payment of $105,000 can expect to see monthly payments of $2,790. This includes a mortgage payment of $1,778 and a maintenance fee of $1,012. By comparison, the median asking rent for a SoHo 2BR is $5,750!

Why You’ll Love It…

You enter this SoHo 2BR through the bright and spacious kitchen, which is undoubtedly the star of the show. There’s lots of storage space in the floor-to-ceiling white cabinetry. The butcher block countertops perfectly match the light hardwood floors found throughout the apartment.

The bedrooms, both of which can fit a queen-size bed, are on either side of the kitchen. The larger of the two has a sliding door that opens up the space — it could easily be used as a living room instead. There’s a small dining nook in the middle that would also make a great home office.

This unit is located in a co-op with flexible policies on subletting, guarantors, and pied-à-terre use. But the best thing about the building is undoubtedly its location. This block, between Houston and Prince streets, is a prime home base for foodies in particular. Popular nearby restaurants include heavy hitters like the Dutch, Lupa, and Carbone. And it’s heaven if you have a sweet tooth! Morgenstern’s and Van Leeuwen ice cream are just a couple blocks away, as are cronuts at Dominique Ansel.

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… And Why You Might Not

A SoHo 2BR at this price is not going to be flawless. For starters, if you want to use our Deal of the Week as a 2-bedroom, there will be no common living space beyond the kitchen. It works much better as a 1-bedroom, with the second one as a living room. In addition, there’s not much closet space here, and what there is is in the kitchen. Finally, indulge in all the cronuts you want, because you’ll burn off the calories walking up all these stairs. Yup, it’s a top-floor walkup.

To learn more, check out the listing at 150 Sullivan St. #47, in SoHo.

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