If you’re looking for a deal on a New York City apartment, buying a fixer-upper is a time-tested option—if you have the money and patience to take on a gut renovation.
Apartments in need of a major renovation are priced significantly lower than turnkey apartments. For example, an Upper East Side one-bedroom co-op (featured below) is on the market for $385,000—that’s a far cry from the borough’s median sales price of $1,165,000. Another perk: You get to pick materials and finishes that match your design preferences.
Of course a gut renovation is a serious undertaking, especially now. The ongoing supply chain crisis will stretch your timeline, and make it harder to get certain materials, appliances, and furniture. You also must get your renovation plans approved by your building’s board and file your permits. And you will probably need to find another place to live while your place is under construction.
To help with your search, here are five fixer-uppers for less than $500,000 in Sunnyside, Williamsburg, Upper East Side, Turtle Bay, and Murray Hill.
50-21 39th Pl., #1C, Sunnyside
This studio is listed for $175,000. Apartment #1C has parquet floors, moldings, and two closets. The building has a live-in super, laundry room, and bike storage. Monthly maintenance is $464.
733 Grand St., #2F, Williamsburg
This one bedroom, one bath is listed for $299,000. The HDFC co-op has high ceilings, several windows, two closets, and white appliances. Monthly maintenance is $795 and the maximum salary for the buyer is $66,255.
408 East 73rd St., #3C, Upper East Side
This one bedroom, one bath is listed for $385,000. It has high ceilings, exposed brick, moldings, hardwood floors, white appliances, and south-facing windows. Amenities include a live-in super, bike storage, and laundry room. Monthly maintenance is $1,031 a month.
330 East 49th St., #4G, Turtle Bay
This studio is listed for $450,000. The condo has parquet floors, oversized windows, white appliances, three closets, and a separate kitchen. Amenities include a live-in super, doorman, and parking. Monthly common charges are $648.
5 Tudor City Pl., #612, Murray Hill
This one bedroom, one bath is listed for $499,000. The co-op has a kitchenette, hardwood floors, built-ins, beamed ceilings, ceiling fans, and three closets. The building has a doorman, concierge, laundry room, and gym. Monthly maintenance is $1,261.
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