Buy on Billionaire's Row for $330,000—but prepare to renovate

By Lucy Cohen Blatter | March 2, 2015 - 2:59PM

If you can't afford an apartment at One57 (where t he cheapest condo available is a three-bedroom for $5 million), you might want to consider this much more reasonably priced co-op studio, with a $330,000 price tag. It's located at 57th and Sixth, half a block down "Billionaire's Row" from the tower, and next door to Carnegie Hall.

And considering that the co-op is lenient—it allows co-buying, parents buying for kids and pied-a-terres, unlike many other Manhattan co-op buildings—we think it could be the perfect weekend spot for any music lover who'd like to roll out of bed and catch a concert or stroll through nearby Central Park.

A Murphy bed hiding in that closet means more open space when you're not sleeping.

Parts of the apartment—particularly the kitchen and bathroom—could use updating. We'd imagine you'd want to replace the kitchen countertops, appliances and cabinets at the very least, seeing as they look straight out of the 1960s. But, according to the listing, the place has "great bones." Translation: You'd better set aside some money for a renovation (or at least a facelift).

Do those ancient appliances even work?

The current floorplan shows a small foyer, large living/sleeping area, two closets and a separate kitchen and bath. Most contractors would probably leave the layout alone but make cosmetic changes, like ripping up the wall-to-wall carpeting.

The building is pet-friendly, and has a doorman, live-in super, valet, bike room, storage, and an on-site garage (residents get a 25 percent discount).

Though the price is less than the average for comparable co-ops ($360,000, according to StreetEasy), we'd imagine that you'd have to put in at least a few more thousand dollars to update the place.

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