NYC Apartment Agent

New York real estate + beyond

An Affordable Apartment In SoHo?

with 8 comments

An Affordable Apartment In SoHo?

An Affordable Apartment In SoHo?

NEW YORK — If you’ve ever thought about living in SoHo on the cheap, now might be the time.

It’s not that prices have suddenly plummeted.

Quite the opposite, in fact, if you’re looking at rentals. The average rent in Manhattan climbed to a near-record high of $3,309 at the end of 2011, while vacancy rates in the neighborhood dropped to well below 1 percent.

No, the affordable aspect of the real estate market in one of New York’s most popular areas was due to the historically low average rate on a 30-year mortgage — a mere 3.88 percent.

It’s that factor that makes a charming studio at 150 Sullivan Street, with maintenance of $645, just a little more than $1,700 per month to own. The description is as follows:

Divine studio in A-plus location. Nestled in the heart of Soho, this top floor walk-up features high ceilings, an abundance of natural light and an updated kitchen with room for a dishwasher. Features include exposed brick and recently re-stained dark walnut floors. A thoughtfully laid out floor plan makes great use of this residence. Liberal board allows pieds-a-terre, guarantors, parents buying for children and subletting. Investors welcome.

Sounds good, doesn’t it?

As always, if you know of anyone looking to buy, sell or rent a home in New York, please let me know.

Related

Advertisements

Written by Bruno

2012.01.25 at 21:33

8 Responses

Subscribe to comments with RSS.

  1. In my parallel life I can actually afford this apartment : )

    Nareen Luz Rivas

    2012.01.26 at 01:11

  2. […] been looking for apartments in Manhattan, Brooklyn and Queens than one might expect. But then the housing values, mortgage rates and inventory has been so good […]

  3. […] While I don’t compare myself to Buffett, for the past several months I have been telling anyone who will listen that it was a great time to buy. […]

  4. […] define the term, those neighborhoods best suited to you might be in Chelsea, the Upper East Side, SoHo or the East Village, all of which offer a variety of nightlife options, trendy restaurants and […]

  5. […] are two areas in which rents have actually declined, on average: Studio apartments and flats in Cobble […]

  6. […] An Affordable Apartment In SoHo? […]

  7. […] The blog entry covered much of the same ground I addressed in recent posts. […]


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: