Studios aren’t for everyone, but if you’re searching for a centrally-located apartment below market rate in Manhattan, studios are definitely the way to go. And every once in a while a stellar one comes along, like 113 W. 15th St. #2E. Our Deal of the Week is a newly renovated studio located in a quiet townhome in Chelsea, brimming with sunlight and packed with new updates, including a dishwasher and stall shower.

The Price: $435,000

The median asking price for a home in Chelsea was $2.6 million this July according to the StreetEasy Data Dashboard. That means our Deal of the Week’s price is less than a fifth of the median asking price for the neighborhood!

Buyers who stick with the 20% minimum down payment of $87,000 can expect to see monthly payments of $2,908. This includes a mortgage payment of $1,935 and a maintenance fee of $973. It’s also far less than the median asking rent for the neighborhood, which sat at $5,295 this July.

Why You’ll Love It…

The main living area of the apartment will be flooded with light throughout the day thanks to the two large south-facing windows that overlook the co-op’s well-maintained common garden. Both the kitchen and bathroom feature windows, too, although these face north toward the building on the street as this unit is located in the rear townhome. Thanks to the windows’ location and their double-paned glass, the entire studio is super quiet.

New recessed lighting, gorgeous hardwood floors, and an all-brick decorative fireplace make the place feel tranquil and chic. There’s enough room for a Murphy bed (not included), storage, a desk, and a small dining table. A TV could also easily be mounted on the brick of the fireplace.

The kitchen is also in this main living area and has been thoughtfully updated with stainless steel appliances, including a mounted microwave and a dishwasher! Matte-finish cabinetry provides plenty of storage while the white subway tile backsplash and butcher block countertops create a cool, minimalistic look. That white tile continues in the bathroom, which features a stall shower and a spacious vanity.

Not only does this co-op have a great common garden, it also has an incredible location. Transit is a breeze with the F, M, L, 1, 2, 3, and PATH trains less than 500 feet away at the 14th Street stop. The A, C, and E trains are also only about a quarter-mile away. Plus, you’ll be in the heart of everything thanks to the co-op’s location near the border of the West Village.

… And Why You Might Not

Unfortunately, this studio does not have a single closet. There is an alcove in the main living area which can be made into a custom closet, as is shown in the virtually staged listing photos. The building is also fairly no-frills and does not offer any common laundry or storage. Thankfully, there’s a laundromat just one block away on 16th Street. And finally, the building allows cats but not dogs.

But if you’re in the market for a centrally-located, smaller apartment, consider shortlisting this one.

Check out the listing at 113 W. 15th St. #2E, listed by Jason Schuchman of Brown Harris Stevens.