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.

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