If You Don’t Live Here, It’s No Bargain
An extra 60 square feet and a spare closet can’t explain why these studios, only a block apart in upper Gramercy Park, are priced $80,000 apart. But most of the apartments at 229 East 29th Street, this unit included, are owned by investors who rent them out. That can sometimes make it a little tougher to get financing, says listing broker Daniel Berman. (Banks prefer buildings that are mostly owner-occupied, he explains.) Besides, the building on 28th Street has just renovated its common areas. “Twenty-ninth Street is a Honda and 28th Street is an Acura,” says Berman, by way of explanation.

201 East 28th Street, Apartment 12B
The Facts: 500-square-foot co-op studio.
Asking Price: $339,000.
Maintenance: $698 per month.
Agent: Ralph Lowenstein, Bellmarc Realty.

229 East 29th Street, Apartment 5D
The Facts: 440-square-foot co-op studio.
Asking Price: $259,000. Maintenance: $554 per month.
Agents: Cindy Anish and Daniel Berman, Bellmarc Realty.

Related:

• Archive: “Real Estate”
• Articles by S.Jhoanna Robledo
• Table of Contents: May 8, 2006 issue of New York | Subscribe!