Small Wonder

A $375,000 East Village co-op that could make you money

By Lucy Cohen Blatter | February 2, 2015 - 2:59PM 

If you're looking to move into a new place ASAP, this $375,000 Alphabet City co-op studio isn't for you. But if you're considering an investment property, or can wait until June to make a change, read on. 

A tenant is living in the apartment--on the second floor of a walk-up building at  186 East Second Street (between Avenues A and B)--through May 31 and paying  $1,850 a month. Not a bad haul. 

The place isn't big--this is the East Village after all--and the listing uses that tell-all word, "charming" (translation: small) to describe the place. That said, the fact that you don't enter directly into the main room but into a small entranceway instead gives the sense of more space (and it's a place to keep your slushy boots on days like today). The all-white color scheme helps enlarge the studio, and it's a trick you might want to employ if you move in yourself. 

The apartment has a separate kitchen, which is not all that common in studios, and also sticks to a white palette. It seems to squeeze in all the necessities, like a full-sized fridge and oven, and even a small dishwasher. (But who would eat at home a lot anyway, considering the culinary options in the Village?)

It's also relatively affordable, since the average price for a comparable apartment sold in the last 90 days was about $425,000, according to StreetEasy. It last sold for $246,000 in 2005, in case you're wondering about a long-term payoff. 

The apartment's in a pre-war, five-story tenement-style building. Pets are allowed on a case-by-case basis. 

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