Soho’s cheapest apartment just hit the market for $250,000 – but there’s 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 costs $250,000, the cheapest listing in the neighborhood, where the average one-bedroom asking price is $1,962,452. Soho’s next cheapest listing is $630,000.

Located on one of Soho’s most desirable blocks, the basement is steps from Dominique Ansel’s bakery, Chanel and The Dutch restaurant, where a 28-day dry-aged rib eye is $165. . The “generously sized” property has been on the market for just nine days and is already receiving offers above the asking price, said Kane Manera, the Corcoran Group seller, who is handling the listing.

“I have about 40 offers and I estimate 20 are way more in demand, with too many requests per day to count,” Manera told the Post, declining to elaborate.

The basement unit at 195 Prince Street, a coveted block in Soho, is up for grabs at just $250,000. But it needs some serious improvements.
NY Post photo composite
Not exactly a traditional chef's dream, the kitchen comes with the essentials, including a single light bulb overhead.
Not exactly a traditional chef’s dream, the kitchen comes with the essentials, including a single light bulb overhead.
Courtesy of Corcoran Group

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

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

The property has “authentic, original lower space untouched since the 1970s,” according to the listing description, which may be an understatement.

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

Paint is peeling from doors and floors, and “industrial features,” such as exposed pipes and lights, run through the entire space. The bathroom is tucked away in a closet, only two small windows are positioned at either end and the bedroom is so cramped 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 a “common courtyard” that “results in efficient use of space.”
Courtesy of Corcoran Group

As for amenities, there are only two: pets are allowed and the “common courtyard,” an outdoor space where upper-floor residents likely dump their trash before the twice-weekly pickup.

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

“That extremely low price obviously jumped out at me,” said Phil Toronto, a 35-year-old venture capitalist. But “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’d be held if I was Liam Neeson’s long-lost son in “Taken 4.” Is it a steam pipe in the middle of the living room? »

195 Prince Street is a five-story apartment 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 apartment building erected in 1920. The lower level unit has not been updated since the 1970s, according to the listing.
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Eli Goodman, a 28-year-old consultant, felt the same way. “I knew going into this search would make it hard to find an affordable one-bedroom apartment in town, but little did I know my options would be meth dens or dead housemates at that price.”

Laura Lapitino, a luxury publicist in her 30s who has been looking for a downtown home for six months, said: “While $250,000 is by far the absolute lowest price I’ve seen for an apartment in the neighborhood, I seriously wonder if the place is even liveable from a distance.

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

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

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

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