Real Estate
Manhattan’s most affordable 2-BR’s
BY MARTHA WILKIE
My kid got a lesson in real estate
economics the other day.
We bought a hot dog from
a cart on Fifth Ave. one day, and one
from a cart exactly one block east the
next. One was $3, the other $1.50. A
classic example of “location, location,
location.”
When it comes to Manhattan real
estate, the term “affordable” usually
means “less insanely expensive.” This
week, the (relative) bargains (i.e., under
$400,000) are all Uptown: Harlem,
Washington Heights and Inwood.
Don’t be fooled by that two-bedroom
in the St. Regis Hotel, with maid service,
for $260,000. It’s a timeshare.
All but one of these are H.D.F.C.
(Housing Development Fund Corporation)
co-ops with income requirements,
e.g., “maximum income for 1 person is
$87,720; 2 people, $100,200; 3 people,
$112,680.” The seller may ask the usual
20 percent down payment, but others
require an all-cash purchase. You’ll
notice most of these have been on the
market for months, waiting for that
unicorn who can save up $239,000
while living in New York City on a salary
under $87,720.
Cait Etherington of City Realty advises
buyers to do their research.
“While some H.D.F.C. buildings resemble
well-managed market-rate coops,”
she wrote on her blog, “others
have suffered from years of poor management
and neglected maintenance.”
Listed by Compass, in Washington
Heights, at 501 W. 156th St., a bright,
pretty two-bedroom, one-bath co-op
has windows in every room and French
doors. “Well-maintained HDFC building.”
This pretty bedroom is in a “well-maintained” H.D.F.C. in Washington Heights.
$309,000.
Another Compass listing, a twobedroom,
one-bath H.D.F.C. co-op in
Harlem, at 30 Macombs Place, has a
windowed, eat-in kitchen and original
1920s wall moldings. It’s a fourth-fl oor
walk-up and requires only 10 percent
down. $239,000.
COURTESY COMPASS
With this Washington Heights home, you’ll get high ceilings and beautifully
finished French doors, among other features.
Also in Harlem, listed by Compass, is
a newly renovated, quirkily furnished,
two-bedroom, one-bath H.D.F.C. co-op
at 3 E. 131st St., with a stunning white
marble bathroom. The kitchen has
high-end appliances, two sinks, vented
range hood, and a garbage disposal.
(Don’t ask why the city now allows
disposals while trying to get people to
compost.) $345,000.
COURTESY COMPASS
Finally, a prewar co-op at 478 W.
158th St., in Washington Heights —
listed by, you guessed it, Compass —
boasts a common garden, high ceilings,
beautifully fi nished French doors, an eatin
kitchen, and a chic black-and-white
bathroom with a claw-foot tub. Two
bedrooms, one bath. Not an H.D.F.C.,
no income requirements. $399,000.
COURTESY COMPASS
Original 1920s wall moldings come with this Harlem apartment.
26 July 18, 2019 TVG Schneps Media