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Open House Agenda: Three Manhattan Co-Ops Under $500K to See This Weekend

By Emily Nonko | July 31, 2015 7:57am | Updated on July 31, 2015 5:35pm
 These three Manhattan co-ops are all under $500,000.
Open House Agenda: Three Manhattan Co-Ops Under $500K to See This Weekend
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MANHATTAN — Who says you need to venture to the outer boroughs to snag an affordable apartment? These three Manhattan co-ops are all priced under $500,000.

57 Park Terrace West, #2G, Inwood
1 bedroom / 1 bath
Approximately 795 square feet
Maintenance: $831
Open House: Sunday, August 2, 1-2 p.m.

Lowdown: This pre-War one-bedroom co-op has retained much of its historic charm.

“You've got a sunken living room, built-in bookshelves, arched entrances and original details intact,” said Stribling broker Joy Bergmann. She also noted that the building lobby has two beautiful murals original to the building.

With its "dignified layout," Bergmann said, "you're not cramped or cornered in."

There is a separate master bedroom and a living room, as well as a kitchen (with dishwasher) that opens into a dining room. The large foyer, which has three closets, could easily double as a home office, according to Bergmann.

“The spaciousness of the unit is coupled with the quiet, green atmosphere of the neighborhood,” said Bergmann.

Location: This co-op building is less than a 5-minute walk to the sprawling Inwood Hill Park. There are also cafes and businesses two blocks away on Broadway. Although the subway trip into Lower Manhattan isn't a quick commute, you're a few blocks from the 215th Street 1 train and about a seven-minute walk through Isham Park to the Inwood/207th Street Express A train.

Why put it on your open house calendar? “Space,” Bergmann stated. “More space.” For a lower price point, she said, you're getting four real rooms, all of which are large. She also called Inwood a “gentler, quieter and greener place to live in Manhattan.”

485 Central Park West, #4G, Manhattan Valley
1 bedroom / 1 bath
Approximately 521 square feet
Maintenance: $666.42
Open House: Sunday, August 2, 1:30-2:30 p.m.

Lowdown: Walking into the lobby of this Art Deco building, across the street from Central Park, "will send you back in time,” said Halstead broker Dina Cohen.

The apartment's interior has historic details, too, including wood floors with trim and 10-foot high ceilings, which create a feeling of extra spaciousness.

“It's very cute — the perfect starter apartment,” said Cohen.

The kitchen alcove has a breakfast bar next to a window, which opens the space up, Cohen said. The ample living room can fit a couch and entertainment system, she added. Two large closets — one in the foyer and one in the bedroom — allow for some extra storage.

The seller, who bought the apartment more than 20 years ago when she was a student at Columbia University, has updated both the kitchen and the bathroom. She rented it out for the past several years while living abroad.

“Unlike most co-ops, the sublet policy is flexible here,” said Cohen.

After a buyer has lived in their apartment for two years, they are able to rent it out indefinitely. It's also a pet friendly building.

Location: It's hard to argue with being so close to Central Park. “When you're leaving the lobby, you can see the park and the trees right outside,” said Cohen.

The building is at the northwest corner of the park, near the North Woods and just a short walk to the Harlem Meer and Lasker Rink and Pool.

Just north of the building is Frederick Douglas Boulevard with its host of new businesses. You can catch the B/C train a block away, or walk two blocks east to the 2/3 stop at Central Park North/110th Street.

Why put it on your open house calendar? “It's well-priced for the location,” said Cohen, adding that the flexible rental policy is attractive to many buyers.

25 Tudor City Pl., #2115, Murray Hill
Studio / 1 bath
Approximately 320 square feet
Maintenance: $911
Open House: Sunday, August 2, 11-12:30 p.m.

Lowdown: The Tudor City complex is well known for its cozy, 300-square-foot apartments that remain reasonably priced. The three-block-long complex was originally built in the 1920s for middle-class renters.

This studio at 25 Tudor City Pl. is different than many others in the building since it underwent a gut renovation, according to Corcoran broker Laurie Dietz.

“From soup to nuts, everything has been redone,” said Dietz.

The seller is a contractor who worked on the place himself. He redid the bathroom with new tiles, a vanity closet and a stall shower. He installed a built-in entertainment system and new closets with built-in shelving. He painted the floor black, installed new sheetrock for insulation and updated the kitchen.

“Out of all the units I've sold at Tudor City, this is my favorite,” said Dietz, “Because the renovation has so much taste.”

The kitchen still retains the compact Pullman setup found in most Tudor City studios. There's space for a half fridge, microwave, convection oven and portable stove with two burners.

A buyer would need to set up a Murphy bed to utilize any extra living space. With a traditional bed, the studio would feel something like a modest hotel room, according to Dietz. She said the current owner sleeps on a pull-out sofa bed.

Location: Within the Tudor City complex, there are four shaded parks, businesses, restaurants and a full-scale gym. You're within walking distance of Grand Central Terminal as well as the businesses of Midtown East and Murray Hill.

Although the complex is located along the East River, access to the waterfront is scarce, blocked off by the United Nations Headquarters. The closest subway for residents is the 4/5/6 at Grand Central.

Why put it on your open house calendar: “This unit is really special in that it has been renovated for 2015 living,” said Dietz, who also noted that the price is right for such a central Manhattan location.