An UES two-bedroom duplex in need of some TLC, for $800,000
Apartments on the Upper East Side are a solid investment and a top pick for empty nesters wanting a Manhattan neighborhood with a residential feel that's still close to the action. This apartment, 403 East 62nd St., #11/12D, is a corner duplex in a full-service condo. Although the interior looks tired (when you look at the non-virtually staged photos) and the parquet floor could probably be refinished, the apartment has a few things going for it: two bathrooms, plenty of closet space, balconies off both the living room, and master bedroom and some flexibility in the layout.
The apartment is listed as a two bedroom and the asking price is $800,000, which is well below the current median of $1,850,000 for similar-sized apartments in the neighborhood. Here's the rub—the dimensions of the second bedroom do not meet the legal requirements for a bedroom. The current median price in the area for a one bedroom is $750,000 making the apartment feel less of a steal.
Having said that, the layout is practical with a closet near the entrance, an open living/dining room, a compact kitchen and the bedrooms upstairs with more closet space and a bathroom.
The kitchen is in need of upgrades but has space for a dishwasher among its appliances. The kitchen is tucked into a space off the living room.
The master bedroom has a wall of windows, a balcony, and a door leading to the second bedroom.
A legal bedroom must be eight feet in each direction and this room is only six feet wide. The room has a small alcove by the window.
The master bath has a double vanity and a separate tub and shower.
The building was completed in 1985 and has 54 apartments and 19 stories. Balconies off the living and master bedrooms face south, which is one of the best orientations for natural light.
Amenities in the pet-friendly building include a full-time doorman and super, shared laundry facilities, a bike room, and a roof deck. Monthly common charges amount to $1,622. In a show of commitment to the sale, the seller is agreeing to pay a $326 monthly assessment for the next four years to pay for the recent elevator upgrades in the building.
In terms of transit, the building is near multiple subway lines and the crosstown bus service.
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