SoHo is one of a few Manhattan neighborhoods that are responsible for skewing the borough’s average prices up – like, way up. Located just south of Houston street (which is how it got its name), this neighborhood is full of trendy shops, cafes, and bars. And trendy can often mean expensive. But 147 Sullivan St. #1A stands out as a SoHo find under $500K. Our Deal of the Week is a SoHo studio full of whitewashed brick, complete with its own private backyard!
Get to know our Deal of the Week.
The Price: $465,000
The median asking price in SoHo was $5 million this May, according to the StreetEasy Data Dashboard. That means our Deal of the Week is listed at below a tenth of the median asking price for the neighborhood!
Buyers who put down the 25% minimum down payment of $116,250 can expect to see monthly payments of $3,454. This includes a mortgage payment of $2,309 and a maintenance fee of $1,145. It’s also far below the median asking rent in the neighborhood, which was $5,780 this May.
Why You’ll Love It…
Not many people can say they own in SoHo, but even fewer can say they own a piece of property with its own garden in SoHo. Step through the unit’s sliding glass doors and into the private backyard garden, which measures 26-by-13 feet. There’s plenty of space to work your green thumb, entertain, and set up a cozy reading nook. The doors also let tons of light into the high-ceilinged, airy unit.
The whitewash exposed brick and decorative fireplace both add a charming touch, as do the newly installed wide-plank white floors. But the studio is fairly practical, too, with a lofted bed area, a spacious closet, and lots of overhead and built-in storage. While the kitchen doesn’t currently have appliances, it offers you the opportunity to build your dream setup. Plus, it has washer/dryer hook-ups ready to go.
The co-op this studio belongs to allows pets and has no flip tax. But even better is its location: just between Houston and Prince Street. You’ll never be short on boutiques to check out, galleries to peruse, and eateries to try. For example, Dominique Ansel Bakery, Shuka, 12 Chairs Cafe, and Morgenstern’s Ice Cream are all located within a block or two. Plus, when you do leave the neighborhood, you’ll have your fair share of choices. The C and E trains stop nearby on Spring Street, but you can also catch the 1, N, R, W, A, C, E, B, D, F, and M trains at the nearby Houston, Prince, and West 4th stops.
…And Why You Might Not
If you’re looking for a turnkey place, this isn’t it. You’ll have to invest in some appliances to make it ready to live (and cook) in. The bathroom is also a bit outdated, but it’s completely functional and the old-school tile is a nice touch. Lastly, the 25% down payment requirement is higher than the standard 20%, and there’s a current assessment of $835 for roof and facade work.
But for a little slice of SoHo, it’s a (relatively) small price to pay!
Check out the listing at 147 Sullivan St. #1A, listed by Jessica Cloonan of Corcoran.
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