Dreaming of the Upper East Side? The quintessential Manhattan nabe certainly makes it easy to dream about buying — but its prices make it a bit harder to actually do so. Luckily, our Deal of the Week is a loft-style, duplex 1-bedroom in Lenox Hill with a price tag well under $500K. From its extra high ceilings to the exposed brick, there’s plenty to love about 425 E. 78th St. #1C. Read on for all the details.
Learn more about our Deal of the Week!
The Price: $399,000
The median asking price for a home on the Upper East Side was $1.9 million this August, according to the StreetEasy Data Dashboard. That means our Deal of the Week is about a fifth of the median asking price for the greater neighborhood!
Buyers who put down the 20% minimum down payment of $79,800 can expect to see monthly payments of $3,272. This includes a mortgage payment of $2,162 and a maintenance fee of $1,110. Monthly payments are also lower than the median asking rent on the Upper East Side, which was $3,990 this August.
Why You’ll Love It…
Upon entering this unit, you’ll find two closets — perfect for shoes, coats, or even a pantry — before walking into the kitchen. Despite the black granite tile and countertops, its wood cabinetry and the unit’s open floor plan make it seem much larger. There’s a full suite of stainless steel appliances, including a dishwasher and a mounted microwave, in addition to lots of storage space and spotlight lighting.
The rest of the living area benefits from the unit’s super high ceilings, giving major loft vibes. And we have to talk about the beautiful exposed brick that goes fully up the wall. Full-length windows let in lots of light not only to the living area on the first floor, but the sleeping area as well. Through-wall air conditioning keeps the unit cool in the warmer months.
Speaking of the sleeping area, it’s more than just a lofted bed — it has ceilings on par with the kitchen downstairs, and it has two closets of its own. Plus, the bathroom is located on the second floor, and this floor has its own entrance for added convenience.
Convenience is really the name of the game for this apartment, which is located in an elevator co-op with a common laundry room, on-site super, and backyard. Pets are allowed with board approval, as are pied-à-terres, co-purchasing, and parents buying. The Q and 6 trains stop nearby for an easy commute, and John Jay Park and Carl Schurz Park are both just a few blocks away.
…And Why You Might Not
The bathroom being en-suite is certainly convenient, but when you have people over, they’ll have to walk through your bedroom to get to it. Oddly, according to the floor plan, the bathroom sink is located in the bedroom, outside of the bathroom. Plus, if you’re interested in the Upper East Side for its proximity to Central Park, this building is pretty far east, almost a mile away.
Still, for a unit in Lenox Hill with storage, air conditioning, and an updated kitchen, the price is hard to beat!
Check out the listing at 425 E. 78th St. #1C, listed by Brad Malow of Compass.
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