under $300K in manhattan

Are you looking for a condo or a co-op?

I don't have a preference; I could consider both.I guess co-op would be better option with my range.

East Harlem may be closer to midtown and more convenient (although using that word in any context involving the 6 train just seems wrong) but Washington Heights and Inwood are often considered areas in which people would rather live if they want to stay in Manhattan and have a small budget. I don't know if $300K is still a reasonable budget for the more gentrified areas of Harlem (south of 125, west of 5th) but I'm sure others on this board can guide you appropriately.

east harlem is a bad idea. you can get good size apartments on the west side uptown, way up there. you need to consider what's important to you and choose the neighborhood. if you're a downtown person, chances are that your commute from many areas of Brooklyn will be shorter then Washington Heights. midtown, then Queens. i understand that people want to stay on the island, but when you get far enough, does it really feel that your in Manhattan at all?????

east harlem is a better idea for me than fidi would be, I work midtown east. Depends on where TOP works and plays.

I work at midtown and live in the village. My hangouts are all in the village/noho/soho area.
I thought about Brooklyn and still think about it, but the subway lines are my concern there that's why I feel upper Manhattan would be a good option.
I will take a couple of days off this week and walk around neighborhoods; so maybe I could check out other boroughs too.

Hi greennyc, I really think you should look in the upper east side/yorkville area. I know it isn't the most exiting of areas but I really think there is value there and if they ever complete the second ave. subway line within the next century, things will improve. Give it some thought.

Tudor City...they have studios under $300k but I heard they were very, very small.

No need to look way out in the boondocks. There are good options a "stones throw" from WV, Soho, Chelsea, even Central Park:

http://streeteasy.com/nyc/building/433-west-34-street-new_york
The ones listed now are the smallest studio lines in the building, but bigger ones, and higher floors, come up, and still under $300K.

http://streeteasy.com/nyc/building/addison-hall
These apartments are smallish too, but the building has great prewar details and the location is fantastic. I gotta think with all the studios for sale here you could lowball one and get a hit. Home is just a place to sleep anyway!

But if you consider any of these places -- wait a year or two and the apartments will probably be 20% cheaper. ;-)

green, walking around the neighborhoods is great during the day. that will narrow your search. after that, you'll have to go there in the late evenings, around the time you come home from being out during the weekends. some of those on your list will definitely be off your list once the sun goes down.

My circumstances were quite similar. I felt the desirable areas of Brooklyn were a bit out of my reach and I found some good options uptown. I prefer the west side to East Harlem so I looked mostly in West Harlem and Washington Heights. I did not consider studios though - only 1 bedrooms - so for that price, you maybe could stay lower.

I ended up with a large 1 bedroom condo at 158th and Riverside for around 300k. I would advise staying west of Broadway up here, and if you do the neighborhood is very nice. Services are lacking, but gradually getting better. The commute isn't terrible and despite what a lot of people think, the neighborhood is perfectly fine.

I agree with chuck, the upper east side is undervalued right now. I don't have a listing or any reason to promote it, except that the NY Times reported that the new 2nd Ave subway will boost property values by approximately 15%, based on appraiser's estimates of UES prices owing to its truly poor subway situation.

If you haven't ridden the subway for fun from Upper Manhattan to work at least once, you might want to consider that. Then take the subway from your chosen area of Brooklyn to work. Compare.

Also, check out any 'hoods you're considering after dark. In my other life I'm a musician and I must say a neighborhood can be a radically different place at 1 AM than at 1 PM.

To add to ab's comment. The further away from your "hang out" area you live the less feasible (ie more expensive) cabbing home becomes hence even more important that you feel comfortable coming home
from subway at late hour (and depending on your entertainment choices, perhaps somewhat impaired?)

I think it depends on priorities. If proximity to work and play rules, than I think the 34th corridor/far west side (which I didn't realize was still attainable for $300K) makes alot of sense. These are also factors that might recommend renting. If you want to start putting down roots in a nicer, larger space I'd look to Washington Heights/Inwood. Just MHO.

Why not murray hill?

Thanks for all your suggestions and advice!
I am going to take a look at all these areas.One thing I should have mentioned that i didn't was the size. I am ok with a studio if it has an alcove. So a lot of places fall out of my range when I consider that.
I like the idea of going back to the areas I consider late at nite and check one more time. I will do that.
Do you think I will miss the good prices, if I rent a year then buy it?

It's hard to tell and therefore, a little risky. Interest rates are currently ultra low. Prices could continue to go down or they may stabilize and start back up again within the year. My philosophy has always been to buy when one is ready and able to buy. As long as you see yourself living in your apartment for the next 4-5 years, you will do alright. For tax advantages alone, I recommend owning over renting.

Definitely look at Yorkville and Gracie Mansion area. The "micro-neighborhood" around 98th and 1st is quite charming.

You like living downtown? Have you looked on the Lower East Side? I wouldn't be surprised if you could find a decent one-bedroom for around $300k. Check this one out. The seller just may work with you in your budget. Hey, you never know. http://streeteasy.com/nyc/sale/499247-coop-550-grand-street-lower-east-side-new-york

"You like living downtown? Have you looked on the Lower East Side?"

Seriously?

That's like saying "You like living on the Upper East Side? Have you looked in East Harlem?"

"Is the East Harlem good value?"

And speaking of which, East Harlem is NOT a good value.

I have a good friend who moved from a rental in Chelsea to his first co-op purchase in East Harlem (East 119th Street) in one of those HUD buildings. Gorgeous building, actually. Very spacious 2 bedroom/2 bath apartment with generously-sized bedrooms. However, three years in, he still feels like a prisoner in his own home because the neighborhood is BUTT UGLY. In 2006, when gentrification was moving full steam ahead, he reasoned that within 5 years his neighborhood would be at least as "nice" (safe) as most parts of Washington Heights, and perhaps in 10 years it might just resemble the Morningside Heights area. Unfortunately, we all know what happened next, and as prices come crashing down around us, people who otherwise would have "settled" for that neighborhood are flocking in droves back downtown.

Now he's stuck. He loves his apartment, but hates his neighborhood. There are no amenities there, so he spends all his socializing time back down in Chelsea. And it's difficult for him to host parties (something he always loved to do) because his guests don't feel safe leaving his building late at night.

Not a market I even remotely follow, but I had run across this listing randomly to give you a sense of what you could do downtown:

http://streeteasy.com/nyc/sale/502029-coop-308-mott-street-noho-new-york

It's a "2 BR" in Noho, but I shudder thinking about the skeletons that must be hiding in that closet.

You mentioned your parameters on size, but how about quality vs. neighborhood?

"Come home to a three room jewel box in the trendy NoLita neighborhood."

Well at least this time the real estate agent isn't lying. It IS like living in a jewelry box. it's so tiny there isn't even a living room ... just a "living area" off the kitchen. In normal-sized apartments, it would be called an "eat-in kitchen".

less then 300 sq ft 2 bedroom.... is that the new norm???

Taking a second look at the floorplan ... in one of the bedrooms, with the layout of the door and closet doors, it's actually impossible to put a BED of any size in that room. In the other room, you'd be lucky if you could squeeze a twin sized bed against the one wall. And forget about a dresser or even a nightstand.

The only plus side to that Nolita 'jewel box' is the amazing butt you'd have from doing a six flight walk up all the time. "Oh shit I forgot to get milk...F it, I'll eat my cereal dry"

Yeah. It's basically an eat-in kitchen with two walk-in closets.

If (biggest word in the dictionary) you can make those two rooms into one bedroom it could possibly make sense. And since this apartment is 2F, its likely to be on the second floor not the sixth.

It's actually on the 7th floor of a walkup.

F=6. lots of prewars use the letter for the floor.

as far as making that a bedroom, not. with 2 windows on either side you will have no place to put a closet. i actually agree with matt on the EIK + 2 WIC.

speaking of $300k coops, what kind of financials would one need to be accepted by the coop board, i.e. income, ratios, and anything another metrics looked at?

thanks

noob- if you search long and hard enough, you will come across sponsor units in coops that are not subject to board approval. Otherwise, it depends on the coop. For most coops, I would expect that monthly housing expenses should not exceed 25% of your gross monthly income and that you have at least 6 months-worth of maintenance sitting in the bank. If you have a pile of student loans and substantial credit card debt and/or a limited/inconsistent work history, you will probably have difficulty passing muster.

I've lived in East Harlem (by the 103rd st. stop) for about 4 years. I would recommend it for renting, less so for buying. I also work in midtown, so the quick commute is fantastic. There are some cute restaurants up here (recommend Izocan) but for the most part I socialize elsewhere. I would recommend renting here for a year to see if you like it. I wouldn't necessarily buy, but that has more to do with the fact that I feel all fringe neighborhoods have a ways to go (down).

Thanks again for all your advice. Yesterday I went to Harlem and walked from W145th st down to w110th and then walked over to the east side and walked around east harlem. Today I went to Park Slope and Ft Greene area also Ditmas Park (cortelyou road). One thing I realized that I would really like to be near to a park.
Other than the morningside heights area, I could not see myself settling down there. Today I took the Q and got off at the 7th ave station and loved the area! It took 18 minutes from Prince Street to get there. They said it is called North Slope. What does everyone think about that area? My other option would be the UES, Yorkville. But it is also so far from the subway, i feel like it will be similar in terms of the commute.

Looking at prices and availability i feel North Slope is out of my range.

Park slope was definitely out of my budget when I bought. If you like parks, look in harlem or south washington heights on riverside. very nice although the neighborhood isn't nearly as developed as most nicer Brooklyn spots.

Hi, greennyc, I like your idea about morningside heights area.There is some nice buildings over that way.

Not all parks are good. Back to summer 2008, when I was walking home through Morningside park, a police officer stopped me and said, "what are you doing here? Don't walk through the pak so late". And it was 7:30 pm in summer, not even close to sunset.

"speaking of $300k coops, what kind of financials would one need to be accepted by the coop board, i.e. income, ratios, and anything another metrics looked at?"

Haji said it well.

I should remind you that just because we're in New York City, and $300K for some reason is considered a "starter" apartment, $300K is still a significant amount of money for MOST people (a third of a million dollars), and the standards for co-op board approval aren't any more lenient just because it's on the lower end of the scale.

In addition to the 25% ceiling on housing costs versus gross income (and that includes both mortgage and maintenance), most co-op board put another ceiling on your total debt-to-income ratio, including housing (factoring in student loans, installment loans, car loans, credit cards, etc.) of usually no more than 30%.

greennyc: Did you look at Prospect Heights? Just across Flatbush from the North Slope (so you can also get close to the Q), similar atmosphere, but cheaper. There are some good restaurants and shops along Vanderbilt now, plus it's an easy walk to the North Slope.

"Not all parks are good. Back to summer 2008, when I was walking home through Morningside park, a police officer stopped me and said, "what are you doing here? Don't walk through the pak so late". And it was 7:30 pm in summer, not even close to sunset."

Not all police officers are good: Morningside Park is totally safe before midnight, and quite safe after (although depending on which sign you follow, it closes as 10pm or 1am, so you could receive a summons for being in it).

thanks for the tips

Miette - I did take a brief look at Prospect Heights; i like the area. I was just not sure about the late night subway trips.

So at the end - I kind of decided on the Upper West Side, Morningside area if I can find a decent place. The last choice would be the Upper East Side b/c of affordability. And with just about every new exciting place is opening up in the downtown area and Brooklyn, I am still torn.