News that a studio recently became the cheapest apartment for sale in New York City is surely welcome to many in a city known for sky-high rents and even higher sale prices. Located at 89-00 170th Street #7E in Jamaica, Queens, the co-op unit hit the market on June 22nd for $80,000, reports the New York Post. “We got multiple offers from day one,” Mark Cisneros, the listing agent for the property, told the Post. “The lowest offer was for the asking price, and most were above $100,000. Numerous were all-cash offers. Right now, we have an accepted offer that’s in the six figures, but it’s not in contract yet.”
The apartment’s kitchen includes a stove and oven.
For those familiar with the reputation of the New York City real estate market, the price of the apartment may sound shocking. The average price per square foot for homes in Jamaica, located about 13 miles from midtown Manhattan, is $434, according to Realtor.com. At about 400 square feet, the unit is priced significantly below this average, at about $200 per square foot. However, the home doesn’t include some more traditional amenities such as a dishwasher or modern appliances. A washer or dryer are also not in the unit, although there are shared laundry facilities in the building’s basement.
The bathroom in the apartment.
Still, some do not find the price particularly surprising. As one broker told the post, “The apartment is cheap because that’s what studios go for in that area, but they don’t come up for sale often.” Nonetheless, the property is still about $20,000 less than the second cheapest apartment for sale in New York City, a studio in Spuyten Duyvil, Bronx, which is priced at $96,154.
The unit is located within a condo building named Avalon Terrace.
Although the apartment is lacking something, the building in which it is located, Avalon Terrace, does offer some additional incentives such as an elevator and on-site parking. The unit is on the seventh floor and features an L-shaped layout with a small single-wall kitchen and bathroom with a tub and single-sink vanity. Despite its low price, the home does require certain income specifications from future owners. Anyone interested in the apartment must have an annual income of at least $40,000 for three consecutive years and a net worth of $25,000.
Originally Appeared on Architectural Digest
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