Lucy Cohen Blatter
ContactPosts by Lucy Cohen Blatter:
This $1,900 studio — located in a northern micro-neighborhood of the Upper West Side called Manhattan Valley — is a slight step-up from your college dorm experience we'd imagine, thanks to the fact that it's got its own bathroom.
Note: Manhattan Valley is a much less tony part of the Upper West Side, but this building also happens to be a few-minute walk to Central Park.
The place itself is tiny and tidy and comes complete with a stove top (read: no oven). See below.
Check out the tin ceiling and decorative fireplace in this $2,400 Windsor Terrace brownstone apartment. Can you say brownstone charm? While it's not quite clear from the listing whether it's a true two-bedroom or more of a one-and-a-half bed, judging from the photos, one of the rooms appears to be somewhat oddly shaped and small, which means it might be better suited as an office.
In NYC, it's not enough for you, the buyer, to pass the mortgage test — your building has to as well. Traditionally, the Federal National Mortgage Association (a.k.a. Fannie Mae) requires co-ops to get at least 80 percent of their gross income from shareholders and no more than 20 percent from other sources, like commercial tenants or "incidental income" (which includes monies raised from laundry rooms and community room rentals), to be eligible for a Fannie Mae-backed loan.
It's college commencement season, which means recent grads will soon begin moving into the city in droves. (In honor of that yearly tradition, we'll be kicking of "Welcome to New York" week on Brick next week — stay tuned for more.)