6 new condo buildings where you can buy for $500,000 (or less)
By Virginia K. Smith |September 30, 2014 - 11:59AM
Apartments in new developments are notoriously expensive—even by New York standards—and seemingly getting more so by the day. But lest we start thinking the only new homes hitting the market are luxury digs priced in the tens of millions of dollars, there are still options in brand new buildings, even if your budget maxes out at $500,000. (And more affordable offerings are apparently hitting the market soon.) In the interest of relative optimism, we combed the listings for units in new developments—amenities and all—that are within budget for the non-millionaire buyers out there.
A little farther downtown, at Harlem's Uptown 58 (located on West 129th Street), there's a studio available for $450,000. The building has bike storage, a roof deck and garden, a fitness center, and maybe most pertinently, a 15-year tax abatement.
The set-up on this one is a little unconventional: Observatory Place, a LEED-certified building in East Harlem, was a rental building when it first hit the market in 2008, but the developer is now selling off said rentals as condos. For instance: this $475,000 studio, which comes with a tenant in place until February 2015, who is shelling out $2,900 a month. The fact that the building is FHA approved and has a tax abatement til 2019 may help to sweeten the deal.
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