The Market

BrickPicks: Steal this one bedroom in Sutton Place

By A. Ready  | November 3, 2010 - 6:49AM

This one-bedroom, one-bathroom coop at 420 E. 55th Street comes complete with a "very motivated" seller. Just how motivated? Six days ago the asking price for the unit was lowered by 9%, or $50,000, to $499,000 (slightly less than $700 per square foot, which is cheaper than about 65% of similarly-sized Midtown one-bedrooms). In the original sponsor sale back in June of 2005, the sellers paid $574,349. The apartment looks to be in excellent condition, and the maintenance is a very low $994 per month for this 790-square-foot abode.

Downsides? From what we can tell from the listing and the comps, we don't really see any, unless you prefer a less accommodating co-op board:  In this building, pets are allowed, as are pied-a-terres, and there is a flexible subletting policy. Julie Hoffman (212 381-4201) of Halstead Property is the listing agent.



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