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Yorkville One-Bedroom Co-Op Features Pre-War Charm

By DNAinfo Staff on December 17, 2012 5:54pm

531 E. 87th St., 2D
1-bedroom, 1-bathroom
Maintenance: $839

YORKVILLE — Billed by brokers as "the little co-op that could," this one-bedroom, one-bathroom just steps from Gracie Mansion was a favorite of serious house hunters Sunday.

Listed by Douglas Elliman's Derek Olsen, this 400-square foot home featured all the flourishes of a pre-war walkup — hardwood floors, high ceilings, plentiful windows, and ample storage space.

Outside the apartment, located at 531 E. 87th St., the building's basement is home to a common laundry and storage space.

And the co-op board is among the more flexible associations citywide, allowing pied-a-terres, guarantors, and unlimited subletting after one year of residence, Olsen said.

These financials — and the fact that one could live in the unit for some $2,500 monthly with mortgage and maintenance — makes it an appealing addition to a new investor's real estate portfolio said Olsen, 39.

"For under $350,000, the potential alone is enormous — especially for a young, upwardly mobile professional," he said. "Not all co-ops are created equal."

Though rain did deter many casual nest seekers from checking out the open house, those who did drop in seemed quite impressed — and some were eager to buy.

A 22-year-old tech recruiter — who walked the rooms with her mother and boyfriend, a 31-year-old realtor — thought the apartment was "wonderful" and was particularly impressed by the kitchen's view onto a garden.

She was also wowed by the storage space in the bedroom — namely, a built-in, horizontal closet near the ceiling.

"I don't think I could reach that," she laughed," but it's great."

"What's your policy on pets in this building?" she then asked.

"No dogs," Olsen said.

No little small, cat-like dogs?" she joked.

Meanwhile, her companion was equally impressed.

"I could never get this ceiling in a studio," he said.

A 22-year-old producer also present at Sunday's showing said the apartment seems to be a perfect fit for her — even if it needs a few fixes here and there.

"If definitely needs work, but for a one-bedroom, for this size, its definitely doable," she said.

She wasn't too keen on the kitchen and bathroom as-is — she'd want to put new cabinets, to start — but did not think these things were a dealbreaker, she said.

"This is great, and definitely within my price range," she said.