Who says you can't buy in Manhattan for less than $300,000?

Even as far as Small Wonders go, this $285,000 Harlem studio co-op -- at 48 West 138th Street -- is on the smaller side, at just over 300 square feet. But it's also recently renovated, and in a neighborhood that's seeing new restaurants and shops open up all the time.
The kitchen may be lilliputian, but it seems to have everything you'd need, including a dishwasher (!), stainless appliances and a decent amount of cupboard space (just be prepaerd to buy one of those movable kitchen islands to increase the counter space if you plan to cook/chop at all).
It's standing room only in this bathroom. But, like the rest of the place, it's been recently renovated.
It's a condo conversion, part of Saint Anne's Court Condominium in Central Harlem, which is pet-friendly and has a virtual doorman, planted backyard and laundry room for all residents.
It's also about $35,000 less than the average price of similar studios in the neighborhood which sold in the last year, according to StreetEasy.
So what do you think? Is it worth the squeeze?
Related:
How do I find a studio that doesn't feel like a jail cell?