Soho’s cheapest apartment, selling for 0,000 — with a catch

Soho’s cheapest apartment, selling for $250,000 — with a catch

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

A 603-square-foot one-bedroom condo on Prince Street in Soho is $250,000, the cheapest deal in the neighborhood where the median asking price for a one-bedroom is $1,962,452. The next cheapest listing in Soho is $630,000.

The basement apartment is on one of Soho’s most desirable blocks, just steps from Dominique Ansel Bakery, Chanel and The Dutch restaurant, where a 28-day dry-aged ribeye costs $165. The “lavish” property has only been on the market for nine days and is already attracting offers above the asking price, said Kane Manera, the seller for Corcoran Group, which handles the listing.

“I have about 40 offers and I would estimate that 20 are way overwhelmed with too many requests per day to count,” Manera told The Post, declining to give further details.

The basement unit at 195 Prince Street, a desirable block in Soho, is available for just $250,000.  But it needs some serious upgrades.
The basement unit at 195 Prince Street, a desirable block in Soho, is available for just $250,000. But it needs some serious upgrades.
NY Post photocomposite
Not exactly a traditional chef's dream, the kitchen is stocked with the basics including a single overhead lightbulb.
Not exactly a traditional chef’s dream, the kitchen is stocked with the basics including a single overhead lightbulb.
Courtesy of Corcoran Group

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

But 195 Prince Street #1LL is no lavish loft.

The property features an “authentic and original lower ground area, untouched since the 1970’s,” according to the listing’s description, which could be an understatement.

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

Paint is peeling from doors and floors, and “industrial features” like exposed pipes and lights are pervasive throughout the space. The bathroom is hidden in a closet, only two small windows are positioned at either end, and the bedroom is so narrow that the previous occupant appears to have slept on a mattress in the living room overlooking the open kitchen.

As listed, 195 Prince has a
According to the listing, 195 Prince features a “common courtyard” that “culminates in efficient use of space.”
Courtesy of Corcoran Group

As far as amenities go, there are only two: pets are allowed and the “common courtyard,” an outdoor area where residents on the upper floors are likely to dump their trash before the bi-weekly pickup.

Buyers looking for a one-bedroom downtown apartment said they were intrigued by the listing — until they clicked.

“This extremely low price obviously caught my attention,” said Phil Toronto, a 35-year-old venture capitalist. But “when I looked at the photos of the unit, I immediately lost interest. This place literally looks bad out of a movie. I’m pretty sure I would be held here if I were Liam Neeson’s long-lost son in Taken 4. Is that a steam pipe in the middle of the living room?”

195 Prince Street is a five story residential building constructed in 1920.  The lower level has not been modernized since the 1970s, according to the listing.
195 Prince Street is a five story residential building constructed in 1920. The lower level has not been modernized since the 1970s, according to the listing.
Google Maps

Eli Goodman, a 28-year-old consultant, thought the same way. “I knew that in this quest it would be difficult to find an affordable one-bedroom apartment in the city, but I didn’t realize my options would be meth dens or corpses for roommates at this price point.”

Laura Lapitino, a luxury publicist in her 30s who’s been looking for a home downtown for the past six months, said, “Although $250,000 is by far the absolute lowest price I’ve found for an apartment in the neighborhood I seriously doubt that the place is even reasonably habitable.”

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

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

Toronto said he might be looking at the property out of “morbid curiosity” but is unlikely to make an offer. “It’s just gross.”

Leave a Reply

Your email address will not be published.