For a buyer in search of a project, this Murray Hill studio can be combined with its neighbor
Normally with Small Wonder, we stick to studios (hence the name), but this week's listing pick comes with an extra twist: You could buy it on its own, or snap up a similar studio next door and combine the two spaces into one.
As a standalone apartment, this studio on the 14th floor at 10 Park Avenue in Murray Hill is asking $499,000, which isn't cheap, especially once you factor in the monthly maintenance of $1,060/month. However, it is a little more spacious than your typical Manhattan studio, with a separate dressing area (currently staged as a small office), newly refinished hardwood floors, and a separate elevated platform that fits a queen-sized bed.
The windowed kitchen gets a good amount of natural light, though you might want to swap in more modern finishes with the cabinets and counters. You may also want to spruce up the tiles and appliances in the bathroom.
The building itself has a planted roof deck, basement storage, and a bike room, and unlike many co-op buildings, it allows pied-a-terres, as well as co-purchases and guarantors, if you have family who's willing and able to help you out with the purchase.
Right next door, another studio with a very similar layout is on the market also for $499,000, and is being offered as a potential combination, meaning you could renovate the two apartments into a larger apartment, probably a one-bedroom:
It's an exciting opportunity if you're dying to do a custom renovation, but you'll have to do some careful number crunching to make sure the nearly $1 million price tag is worth it to combine the apartment into what will presumably be a large one-bedroom. For reference, another one-bedroom in the building is currently on the market for $875,000, much less than the cost of buying these two apartments together, and that's without factoring in what will presumably be a pricey renovation process. (You could, of course, remake the two spaces into a two-bedroom, but that makeover would presumably cost even more.)
You'll certainly want to do a walk-through with an architect before making any decisions, and using the comps of other apartments in the building, may be able to negotiate down the price if you do decide to snap up both apartments at once.
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