Soho’s cheapest apartment sells for $ 250,000 — with a snag

Soho’s cheapest apartment sells for $ 250,000 — with a snag

This little house could be Manhattan’s biggest bargain – if you can afford to live there.

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

The basement is located in one of Soho’s most sought after blocks, just steps from Dominique Ansel Bakery, Chanel and The Dutch Restaurant, where a 28-day dry-stored ribeye costs $ 165. The “generous size” property has been on the market for just nine days and is already seeking quotes, said Kane Manera, the seller for Corcoran Group, which is handling the listing.

“I have around 40 offers, and I estimate that 20 are far too many to ask, with too many inquiries a day to count,” Manera told The Post, refusing to give any further details.

The basement unit at 195 Prince Street, a sought-after block in Soho, is available for just $ 250,000.  But some serious upgrades are needed.
The basement unit at 195 Prince Street, a sought-after block in Soho, is available for just $ 250,000. But some serious upgrades are needed.
NEW Post photo composite
Not exactly a traditional chef's dream, the kitchen comes with the essentials, including a single bulb over your head.
Not exactly a traditional chef’s dream, the kitchen comes with the essentials, including a single bulb over your head.
Courtesy of Corcoran Group

“For a studio in Soho, $ 250,000 with a request 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 not a lavish attic.

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

Although this space fits a mattress, it is technically the living room, complete with
Although this space fits a mattress, it is technically the living room, complete with “industrial features”, according to the description of the space.
Courtesy of Corcoran Group

Paint flakes off doors and floors, and “industrial features”, such as visible pipes and lights, cross throughout the room. The bathroom is tucked away in a closet, only two small windows are located at each end, and the bedroom is so narrow that 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 has one
According to the listing, 195 Prince has a “common courtyard” that “culminates in the efficient use of space.”
Courtesy of Corcoran Group

In terms of facilities, there are only two: pets are allowed and the “common courtyard”, an outdoor space where residents on the upper floors are likely to dump their rubbish before every other weekly pick-up.

Buyers looking for a 1-bedroom downtown pad said they were intrigued by the listing – until they clicked on it.

“This extremely low price obviously struck me,” said Phil Toronto, a 35-year-old venture capitalist. But “when I looked at the pictures of the device, 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 would have been kept if I were Liam Neesons long lost son in “Taken 4.” Is there 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 way. “I knew going into this search that it would be difficult to find an affordable one-bedroom in the city, but I did not realize that my options would be methum or having dead bodies for roommates at this price point.”

Laura Lapitino, a 30-year-old luxury publicist who has been looking for a home in the city center for six months, said: “Although $ 250,000 is the absolute lowest price I have seen for an apartment in the neighborhood, I seriously question whether the place exists. and with externally livable. “

With just over 600 square meters of space wrapped in a long and narrow unit, the basement apartment is a one-bedroom with eight-foot-high ceilings.
With just over 600 square meters of space wrapped in a long and narrow unit, the basement apartment has one bedroom and eight foot high ceilings.
Courtesy of Corcoran Group

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

Toronto said he can see the property out of “morbid curiosity”, but it is unlikely he will make an offer. “It’s just disgusting.”

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