Real Estate

Soho’s cheapest apartment selling for $250,000 — but there’s a catch

This tiny house could be Manhattan’s biggest bargain — if you can stand to live there.

A 603-square-foot “one-bedroom” condo on Prince Street in Soho is going for $250,000, the cheapest listing in the neighborhood, where the average asking price for a one-bedroom is $1,962,452. The next cheapest Soho listing is $630,000.

Situated on one of Soho’s most desired blocks, the basement dwelling is just steps from Dominique Ansel Bakery, Chanel and restaurant The Dutch, where a 28-day dry-aged ribeye goes for $165. The “generously sized” property has been on the market for just nine days and is already fetching offers over the asking price, said Kane Manera, the salesperson for Corcoran Group, which is handling the listing.

“I have around 40 offers and I’d estimate 20 are well over asking, with too many inquiries a day to count,” Manera told The Post, declining to give any further details.

The basement unit in 195 Prince Street, a coveted block in Soho, is up for grabs at just $250,000. But it's in need of some serious upgrades.
The basement unit in 195 Prince Street, a coveted block in Soho, is up for grabs at just $250,000. But it’s in need of some serious upgrades.
NY Post photo composite
Not exactly a traditional chef's dream, the kitchen comes with the essentials, including a single bulb overhead.
Not exactly a traditional chef’s dream, the kitchen comes with the essentials, including a single bulb overhead.
Courtesy of Corcoran Group

“For a one-bedroom condo in Soho, $250,000 with an ask of $414 per foot is absolutely unheard of,” said Liz Schwartzberg, a broker at rival real estate agency, Compass.

But 195 Prince Street #1LL is no lavish loft.

The property boasts an “authentic & original lower ground space untouched since the 1970s,” according to the listing’s description, which may be an understatement.

Though this space fits a mattress, it's technically the living room, complete with "industrial features," according to the listing description of the space.
Though this space fits a mattress, it’s technically the living room, complete with “industrial features,” according to the listing description of the space.
Courtesy of Corcoran Group

Paint is peeling off doors and floors, and “industrial features,” such as exposed pipes and lights, cross through the entire space. The bathroom is tucked into a closet, just two small windows are positioned at either end, and the bedroom is so narrow, the previous occupant appears to have slept on a mattress in the living room, facing the open-plan kitchen.

According to the listing, 195 Prince features a "common courtyard" that "culminates an efficient use of space."
According to the listing, 195 Prince features a “common courtyard” that “culminates an efficient use of space.”
Courtesy of Corcoran Group

As for amenities, there are only two: pets are allowed and the “common courtyard,” an outdoor space where residents on the upper floors likely dump their trash before the bi-weekly pickup.  

Buyers looking for a one-bedroom downtown pad said they were intrigued by the listing — until they clicked on it.

“This extremely low price obviously jumped out at me,” said Phil Toronto, a 35-year-old venture capitalist. But “looking at the photos of the unit, I immediately lost interest. This place literally looks straight out of a movie in a bad way. I’m pretty sure this is where I’d be held if I were Liam Neeson’s long lost son in ‘Taken 4.’ Is that a steam pipe in the middle of the living room?” 

195 Prince Street is a five-story residential building erected in 1920. The lower level unit has not been updated since the 1970s, according to the listing.
195 Prince Street is a five-story residential building erected in 1920. The lower level unit has not been updated since the 1970s, according to the listing.
Google Maps

Eli Goodman, a 28-year-old consultant, felt the same. “I knew going into this search that finding an affordable one-bedroom in the city would be difficult, but I didn’t realize that my options would be meth dens or having dead bodies for roommates at this price point.” 

Laura Lapitino, a 30-something luxury publicist who has been hunting for a downtown home for six months, said “while $250k is by far the absolute lowest price I’ve seen for an apartment in the neighborhood, I seriously question if the place is even remotely liveable.”

With just over 600 square feet of space packed into a long and narrow unit, the basement apartment is a one-bedroom with eight-foot-tall ceilings.
With just over 600 square feet of space packed into a long and narrow unit, the basement apartment has one bedroom and eight-foot-tall ceilings.
Courtesy of Corcoran Group

The apartment’s listing concludes with one final selling point: “As unique as New York, a property like this must be seen to be believed.”

Toronto said he might view the property out of “morbid curiosity,” but he’s unlikely to make an offer. “It’s just gross.”

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