Take It Or Leave It

Take It or Leave It: Is this South Street Seaport 2-bedroom worth $4,200/month?

By Leah Hochbaum Rosner | November 27, 2013 - 8:58AM 

This week, our Take It or Leave It renters—who have 43 years of combined rental experience among them—take stock of a renovated 2-bedroom loft in a former South Street Seaport button factory. Our panelists include RentHackr founder Zeb Dropkin, freelance writer Lambeth Hochwald, and BrickUnderground’s own senior editor, Lucy Cohen Blatter.

The Apartment:

Size: 2 bedrooms, 1 bathroom
Location: 270 Water St. between Dover St. and Peck Slip in the Financial District
Cost: $4,200/month
Flexible Layout: No
Days on the market: 21 days
Subway: J, Z, 4, 5, 6 at Chambers St.; A, C, J, Z, 2, 3, 4, 5 at Fulton St.-Broadway-Nassau; R at City Hall; A, C, E, 2, 3 at Park Place; 2, 3 at Wall St.; Ferry at Pier 11 Ferry Landing

Pros and Cons:

Zeb: “On the pro side, this 2-bedroom FiDi loft is close to the waterfront and a number of subway stations. On the con side, however, you’d need to be cool with living loft-style, meaning a very open floor plan and curtains instead of doors.” 

Lambeth: “This place is teeming with charm—what’s not to like about a loft in a former button factory that boasts wide plank floors, exposed brick and beamed ceilings—and a washer/dryer to boot? The downsides are the one-bathroom scenario, which makes this a tougher share for a couple of pals, the fact that this apartment is a fourth-floor walk-up, and that the neighborhood still has a long way to go as it recovers from Hurricane Sandy damage. The rent is on par with other 2-bedrooms, but the building offers no glitzy amenities like a doorman, an in-building gym or a screening room.”

Lucy: “This loft has industrial chic down pat. Love the brick walls and the ceiling beams. I also love the open kitchen. In fact, I love everything, including the relatively affordable price. When can I move in? As for the cons, since it’s in a co-op building, your lease will probably be limited to 1-2 years max. Plus it’s likely that you'll have to go through board approval, which might explain the reasonable price. Oh, and it's a walk-up, but likely still worth it."

Who would this apartment be perfect for?

Zeb: “This place is a great fit for a family with a young child or a pair of professionals willing to share a bathroom.” 

Lambeth:  “A couple of Wall St. professionals who want to be part of the South Street Seaport rebirth.”

Lucy: “Me! Or any young family that doesn’t plan to put down roots in their next apartment.”

The Verdict(s):

TAKE IT “…if it matches your style.” —Zeb  

TAKE IT “In the end, you may not even need a gym since you’ll be getting so much cardio just huffing up the stairs every day.”—Lambeth

TAKE IT “It’s a great place for a reasonable price. And if the co-op issues don’t present any real problems, and you don't walking up a few floors. I say run, don’t walk.”—Lucy

Ready to rent? Check out our How to Rent Guide...and if the apartment you like requires a guarantor that you don’t have, see if the landlord accepts Insurent, a guarantor solution from one of BrickUnderground’s sponsors.


Take It Or Leave It is a weekly column in which a panel of long-time renters weighs in on the pros and cons of an apartment that’s currently on the market.

Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.
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