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The cheapest apartment in Soho is on sale for $ 250,000 – with a catch

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This tiny home could be the best deal in Manhattan if you can live there.

A 603-square-foot one-bedroom condominium on Prince Street in Soho is on sale for $250,000, the cheapest listing in the area, with an average asking price for a one-bedroom apartment of $1,962,452. The next cheapest housing in Soho is $630,000.

Located in one of Soho’s most coveted neighborhoods, this basement home is just steps away from Dominique Ansel’s Bakery, Chanel’s Restaurant and The Dutch Restaurant, where a 28-day aged ribeye costs $165. The “large-sized” property has only been on the market for nine days and is already receiving offers above asking price, said Cane Manera, a seller for the listing’s Corcoran Group.

“I have about 40 offers and I think 20 requests is too many, too many requests per day to count,” Manera told The Post, declining to give any details.

A basement at 195 Prince Street in the upscale Soho neighborhood can be purchased for as little as $250,000. But it needs serious improvement.
NY Post photo composition
Not exactly a traditional chef's dream, the kitchen comes stocked with the essentials, including one light bulb on the ceiling.
Not exactly a traditional chef’s dream, the kitchen comes stocked with the essentials, including one light bulb on the ceiling.
Provided by Corcoran Group

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

But 195 Prince Street #1LL is not a luxury loft.

The property boasts an “authentic and original ground floor pristine from the 1970s” according to the listing description, which may be an understatement.

Although this space is suitable for a mattress, it is technically a living room with "industrial features," in accordance with the description of the room.
Although this space is suitable for a mattress, it is technically a living room with “industrial elements”, according to the description of the space.
Provided by Corcoran Group

Paint is peeling off doors and floors, and “industrial features” like exposed chimneys and skylights crisscross the space. The bathroom is hidden in a closet, there are only two small windows on the sides, and the bedroom is so narrow that the previous occupant seems to have slept on a mattress in the living room overlooking the open-plan kitchen.

According to the listing, 195 Prince has "common yard" what "ensures efficient use of space."
According to the listing, 195 Prince has a “shared courtyard” that “ensures efficient use of space.”
Provided by Corcoran Group

In terms of amenities, there are only two: pets are allowed and a “common yard,” an outdoor area where residents of the upper floors are likely to throw out their garbage before cleaning once every two weeks.

Buyers looking for a one-bedroom apartment in the city center said they were intrigued by the offer until they clicked on it.

“This extremely low price obviously surprised me,” said Phil Toronto, a 35-year-old venture capitalist. But “after 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 would be held if I was Liam Neeson’s long-lost son in Hostage 4. Is that the steam pipe in the middle of the living room?

195 Prince Street is a five-story residential building built in 1920.  According to the listing, the lower floor has not been updated since the 1970s.
195 Prince Street is a five-story residential building built in 1920. According to the listing, the lower floor has not been updated since the 1970s.
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Eli Goodman, a 28-year-old consultant, felt the same way. “I knew it would be difficult to find an inexpensive one-bedroom apartment in the city as I began this search, but I didn’t realize that my options would be meth dens or dead bodies of roommates in that price range.”

Laura Lapitino, a 30-year-old luxury advertiser who spent six months searching for a home in the city center, said: “While $250,000 is the lowest price I have ever seen for an apartment in my neighborhood, I seriously doubt that this place is even remotely habitable.”

At just over 600 square feet, the basement apartment is a long and narrow one-bedroom apartment with eight-foot-tall ceilings.
The long and narrow apartment of just over 600 square feet has one bedroom and eight-foot high ceilings.
Provided by Corcoran Group

The apartment’s listing concludes with one final argument for the sale: “Unique as New York City, a property like this must be seen to be believed.”

Toronto said it might inspect the property out of “morbid curiosity” but was unlikely to make an offer. “It’s just disgusting.”

#cheapest #apartment #Soho #sale #catch

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