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Archive of Buy Low

Buy Low

7/10/07

2:21 PM

Penthouse Price Plummets in Brooklyn

383 Carlton Ave.
Since it went on the market in February, this three-bedroom, three-bath penthouse duplex at 383 Carlton Avenue has had three price cuts, most recently a 10-percent reduction ($225,000) sometime yesterday. New York test-drove the space this spring and found it pleasing enough. It's certainly swanky, with all the top finishes and appliances. And with 2,328 square feet, a roof terrace, and two balconies, there's plenty of space for entertaining. The new price tag of $1.875 million is nearly a million less than that initial asking, making the penthouse primed for the picking. "It's a very dramatic price drop," admits listing broker Jerry Minsky of the Corcoran Group. "The owner's ready to sell. It's one the nicest apartments in downtown Brooklyn." —S. Jhoanna Robledo

Related: This Is Not My Beautiful House! This Is Not My Beautiful Life! [NYM]

Buy Low

7/ 3/07

2:44 PM

Can't See the Apartment for the Carpet

165 Christopher St.
It's not every day you'll find a respectably sized two-bedroom in the West Village for less than a million. Even after a recent price cut brought this 1,100-square-foot co-op at 165 Christopher Street down to $999,000 (meaning the buyer is exempt from the one-percent mansion tax), it's still available. After six weeks on the market, could the deep magenta carpet be to blame? It does distract from the ample light and sensible layout. If you can ignore what's underfoot — not to mention a few super-bright walls — you might be able to see the space for what it is: the downtown aerie you've always wanted. —S. Jhoanna Robledo

Buy Low

6/26/07

1:27 PM

Starving Artists, Come to the Lower East Side

LES
Think there are no affordable one-bedrooms in downtown Manhattan? Think again. At $299,000, this apartment at 153 1/2 Stanton Street might be the single most affordable downtown one-bedroom on the market. It's no dump, either, nor is it tucked into the farthest possible downtown corner. (In fact, it's a quick walk to the F train and near a restaurant-rife part of the neighborhood, just down the block from Stanton Social and AK Cafe.) Yes, the apartment's narrow, and it's actually a junior one-bedroom (meaning a wall was put up). Also, there's a flip tax, so you have to part with some of the net profit if you sell within eight years, says listing broker Tracie Hamersley of Citi-Habitats. But the maintenance is low — less than $1 per square foot — and a storage locker is included. The building is even open to pets. Also, you just need 10 percent down. Plus, you won't have to worry about bidding against more moneyed competitors: Only a single buyer or a couple making no more than $48,000 can apply (it’s an "income-restricted" HDFC co-op). Teachers, day-care workers, starving artists, dancers, actors — get your bids in. —S. Jhoanna Robledo

Buy Low

6/19/07

2:15 PM

Prices Slip on Chelsea Condos

Chelsea Stratus
Who says you can't get a new-construction condo on the cheap in Chelsea? Well, maybe not exactly "cheap." (This is pricey, trendy Chelsea, after all.) But still, this two-bedroom, two-and-a-half-bath apartment at the Chelsea Stratus (101 West 24th Street), supposedly the tallest condo in the neighborhood, has had two price changes, according to Streeteasy.com. The most recent slash was two days ago, lowering the asking by more than 20 percent to $2.88 million. If this floor plan's not to your liking, there are more than a dozen left on the market, all of which are outfitted with name-brand kitchen appliances (Fisher & Paykel, Sub-Zero), high-end finishes, and other de rigueur luxuries. Par for the condo course, the building's larded with goodies like a wine cellar, billiards room, and indoor basketball court, too. —S. Jhoanna Robledo

Buy Low

6/12/07

2:15 PM

Enter the Market in Harlem

137-9 W. 142nd St.
Nothing like the words "price reduction" to get a bargain hunter's pulse quickening. This two-bedroom apartment at 137–9 W. 142nd St. was already tolerable at $265,000, but a discount weeks ago has brought it down to an even-more-palatable $250,000. The building's a walk-up, and this unit's on the fifth floor — a hardship if you've got kids and strollers to transport every day. But considering the co-op has no income restrictions (which some listings at this price range in the neighborhood do) and requires only 10 percent down, this property may just be the entry you've been waiting for into the city's untenable real-estate market. —S. Jhoanna Robledo

Buy Low

6/ 5/07

1:32 PM

Home Sweet Foundry

Jackson Foundry
A penthouse for less than a million? In a new condo project? This $999,000 duplex atop Jackson Foundry, a "Civil War–era" conversion on Jackson Street and Manhattan Avenue in Williamsburg, got massively price-whacked yesterday (by $146,000, according to Streeteasy.com). At over 1,400 square feet, that's less than $700 per square foot, almost unheard of in these oh-so-trendy parts — especially when you consider that it comes with intact period details that don't always survive the modernization process, like exposed-timber columns, cast-iron staircases, and rolling fire doors. (Some ceiling heights go up to seventeen feet.) And the huge terrace is yearning for barbecue season. A call placed to someone in the know about the development reveals that "it's a correction, rather than a reduction," but we'll take our discounts where we can. —S. Jhoanna Robledo

Buy Low

5/29/07

2:21 PM

A Studio With Reasonable Strings Attached

26 Cornelia Street
Can't resist the siren call of the Village? This studio that's just returned to the market (a previous buyer fell through) may be the answer. Tucked in a 60-unit co-op in the prototypically adorable 26 Cornelia Street, it's priced like many similar apartments in the area at $411,000. For that, you'll get a space flooded in light, a brick fireplace, and tons of storage. (The building itself has a courtyard, laundry facilities, and a live-in super.) What makes it all the more attractive, though, are the extras: The board welcomes pied-à-terre buyers (usually a no-no at co-ops), parents buying for their kids (attention NYU students!), and pets (though no dogs), and it allows sublets, as long as you've owned the place for at least two years. —S. Jhoanna Robledo

Buy Low

5/22/07

12:46 PM

A Deluxe Apartment in the Murray Hill Sky

45 E. 30th St.
This 4,343-square-foot four-bedroom at 45 East 30th Street in Murray Hill is billed as a "townhouse in the sky." Surprisingly, the phrase isn't typical broker hyperbole: Comprising four floors (a quadruplex?) stacked atop one another, it's more like a modern-day brownstone than an apartment, only with views — the Empire State Building and Rockefeller Center, for starters — usually only attainable from a penthouse. "If it was on ground [level], you'd be walking into a house," says listing broker Yury Holohan. Lest millionaire bargain-hunters think it not luxe enough, this trophy property also comes with seven terraces and a pool, just in time for the summer entertaining season. It didn't sell at the original price of $12 million, so now the asking's been reduced to $9.99 million after almost two months on the market, according to Streeteasy.com. That's about $2,300 per square foot, which, for a new construction, is a shade less than what a top-floor aerie in another prewar conversion just ten blocks south is commanding. —S. Jhoanna Robledo

Buy Low

5/15/07

1:15 PM

No Pets, Less Money in Washington Heights

143 Bennett Ave.
Even for affordable Washington Heights, this 862-square-foot two-bedroom at 143 Bennett Avenue near the Cloisters and Fort Tryon Park seems reasonable at $459,000. The kitchen and bath have been renovated and the co-op's gilded to the hilt with parking, storage, a tenant's lounge, and a children's play space. The catch? "The building doesn't allow cats or dogs," says listing broker Simone Song, who cites 143 Bennett's pet aversion as a big reason the unit hasn't moved. There's another two-bedroom on the block, so if you know how to wheel and deal, you may be able to use it as leverage to negotiate an even better price. —S. Jhoanna Robledo

Buy Low

5/ 8/07

1:33 PM

No Frills But Value on the Upper West Side

314 W. 94th St.
The asking price of this two-bedroom, two-bath at 314 West 94th Street has just been marked down 11 percent to $995,000 after barely three weeks on the market. That places it well within bargain territory, at least for a neighborhood that routinely sees apartments of this size going for more than a million. It also means you won't have to pay the one percent mansion tax levied for properties that go for seven figures, which could garner a savings of at least $10,000. The building's no-frills — there's no doorman, only a video security intercom — and the kitchen may need some updating, says listing broker Tony Rivera of Prudential Douglas Elliman. But it's a pet-friendly condo with low common charges just a half-block away from Riverside Drive, he adds. The building's also investor-friendly, so if you want to buy and rent out, perhaps to students attending Columbia University twenty blocks north, you're good to go. —S. Jhoanna Robledo

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