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Open House Insider: 3 Apartments Under $700K to See This Weekend

By Emily Nonko | May 19, 2016 2:07pm | Updated on May 20, 2016 5:48pm

MANHATTAN — Springtime has brought a rush of listings to the market, so it's a good time to start shopping for deals. These three apartments are all priced under $700,000, though some call for interior upgrades.

7 W. 92nd St., #5G, Upper West Side
Two Bedrooms/One bath
Approximately 600 square feet
Maintenance: $603 a month
Open House: Sunday, May 22, 2-3:00 p.m.

Lowdown: There's a reason this apartment off Central Park West is affordable: it's in an income-restricted Housing Development Fund Corporation, or HDFC co-op.

An income cap limits who can buy in the building. This apartment has an income cap of “just under $100,000 for a single purchaser,” according to Halstead broker Sarah Buff.

Though many HDFC buildings require buyers pay all cash, this building accepts financing from CitiBank or Chase, Buff noted.

“The building has had quite a few transactions in the last 10 years,” she said, noting that occupants are a mix of “the old guard, who bought early, and new guard, who have bought and renovated.”

This apartment is a modest two-bedroom that a buyer may be tempted to renovate into “a wide open space,” Buff said. “It's a fixer upper.”

The small second bedroom, she said, is probably best suited for an office or guest room.

The current owner preserved historic details in the living room like wood floors and dark wood wainscoting. Two large turret windows create a feeling of extra spaciousness.

“The windows get southwest and northwest light, so you're getting light all day in the living room,” said Buff.

Location: This apartment is just “20 steps from Central Park,” Buff said. The closest subway station is three blocks north, the B/C at 96th St. and Central Park West.

Why put it on your open house calendar? “The apartment just had a price reduction so we think it will go shortly,” Buff said.

200 W. 54th St., #10A, Midtown
One bedroom/One bath
Approximately 700 square feet
Maintenance: $1,469 a month
Open House: Sunday, May 22, 1:30–3:00 p.m.

Lowdown: Buyers looking for quirky historic details will find it here.

The apartment in the Aldon, converted from a hotel in 1989, still retains many interior details from its hotel days, including a honey-comb ceiling design in the living room and the original bathtub.

Along one wall of the bedroom is a safe that was used by hotel guests. Many co-op owners decided to incorporate into their apartments, said CitiHabitats broker Jessica Kaufman.

“We haven't been able to crack it open, so we don't know if anything's in there,” she said.

The owner has rented this apartment out for the past three years; the renter currently pays $3,000 a month. The rental lease will be up by the time any purchase is complete, Kaufman said.

“Co-op boards usually limit the number of years owners can sublet, but this building is flexible after the buyer has lived there one year,” said Kaufman.

This owner previously renovated the apartment to maximize the square footage. A closet was taken away in the bedroom to create a storage space, and a storage nook was built out in the entrance foyer.

The foyer, which still has its original woodwork, has appealed to potential buyers, Kaufman noted. “You walk in and you're not staring directly at the kitchen or living room."

Location: The Aldon is in the heart of the Theater District. The Neil Simon Theater, Late Show Theater, August Wilson Theater and Broadway Theater are all within a few blocks. Around the corner from the building is the B/D/E station at 7th Ave. and 53rd St. Central Park is five blocks north.

Why put it on your open house calendar? “It's a great value for the money,” Kaufman said. “Buyers shouldn't be shocked by the maintenance, which is high for a one-bedroom, because it includes electricity.”

15 Jones St., #4E, West Village
One bedroom/One bath
Approximately 500 square feet
Maintenance: $934 a month
Open House: Sunday, May 22, 1-2:30 p.m.

Lowdown: You're getting a deal on this apartment because the tiny kitchen needs “a little bit of love,” said Corcoran broker Marguerite McNicoll.

When the seller first moved here, they decided to open up the kitchen to the living room. But some changes could be made to maximize the space, McNicoll said.

A breakfast bar could be added by expanding into the living room. Or, if a buyer wanted to do more upscale marble finishes, “it won't break the bank because it's such a small space,” McNicoll said.

Interior details like a wall of exposed brick and wood floors mean “the apartment is really very cute,” she added. “This is a great space for someone who wants to be in the neighborhood but doesn't have $1 million.”

Since the building lacks bells and whistles, it keeps the monthly maintenance low.

Location: It's a prime Village spot, close to transit — equidistance from the West 4th Street subway hub and the 1 train at Christopher Street.

Why put it on your open house calendar? “It's the best value you'll find in the West Village right now,” McNicoll said.