If you’re looking to buy an apartment in New York City, finding a place with low carrying costs is likely a priority since rising inflation and a higher mortgage rate are likely going to eat into your spending power.
What are carrying costs? These are the monthly payments you make when you live in a condo or co-op that go toward the upkeep of the building, and depending on the type of building you live in, they can range from several hundred to thousands of dollars. Also keep in mind that they work differently based on whether you’re buying in a co-op or a condo—the main upshot is that in a condo you pay your property taxes separately. In a co-op, you pay your property tax as part of your maintenance, making that cost higher.
So how can you find an apartment with low monthlies? One way is to find a condo building with a 421-a tax abatement still in effect, because the savings will be significant. Other options are to consider buildings with few amenities and staff members, which will also lower your monthly costs. Another tip is to seek out apartments on the lower floors of large co-op buildings, since apartments on higher floors tend to have steeper maintenance fees.
To help with your apartment search, here are five Queens apartments for sale with monthlies below $800 in Jackson Heights, Woodside, Forest Hills, Astoria, and Flushing.
35-16 82nd St., #31, Jackson Heights
This three bedroom, one bath is listed for $515,000 with $607 monthly maintenance. The co-op has nine-foot ceilings, hardwood floors, moldings, granite countertops, stainless steel appliances, five closets, and a private storage unit. Amenities include a live-in super and laundry room.
52-40 39th Dr., #1G, Woodside
This two bedroom, one bath is listed for $525,000 with $780 monthly maintenance. The co-op has GE stainless steel appliances, quartz countertops, hardwood floors, and oversized windows. The building has doormen, live-in super, bike room, and laundry room.
107-06 Queens Blvd., #5F, Forest Hills
This studio is listed for $595,000 with $410 monthly common charges and $355 monthly taxes. The condo has hardwood floors, Bosch stainless steel appliances, floor-to-ceiling windows, central heating and cooling, millwork, and an in-unit washer and dryer. Amenities include a virtual doorman, onsite parking, courtyard, roof deck, and gym.
14-43 28th Ave., #BB1, Astoria
This two bedroom, one bath is listed for $665,000 with $518 monthly common charges and $54 monthly taxes. The condo has high ceilings, hardwood floors, recessed lighting, stainless steel appliances, five closets, and custom stonework. The building has a laundry room and furnished roof deck.
140-22 Beech Ave., #7B, Flushing
This two bedroom, one bath is listed for $688,000 with $405 monthly common charges and $235 monthly taxes. It has a balcony, hardwood floors, beamed ceilings, stainless steel appliances, floor-to-ceiling windows, and a washer/dryer hookup. A parking spot is available for an additional $50,000.
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