With New York City’s listing inventory hitting its highest level in 14 years and net effective rents still falling, according to a new report by real estate appraisers at Miller Samuel, this may be the best time for renters to snag a good deal on an apartment. This week, we’re taking a look at the best rentals currently on the market for under $3,000/month. From a Brooklyn studio with outdoor space and on-site laundry to a bright corner one-bedroom on the Lower East Side, find out just how far $3,000 will get you in NYC right now.
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Photo: Ajay Suresh via Flickr.
According to Property Shark’s just-released ranking of New York City’s most expensive neighborhoods, Tribeca once again takes the top spot in residential sales with a median price of $4.34 million. The bigger news is Hudson Yards, on the list for the first time as the city’s second-costliest neighborhood in Q2 of 2019 at $3.86 million. Also notable was Little Italy, the city’s third most expensive neighborhood, which saw median home prices increase by 153 percent over last year’s numbers.
A Manhattan penthouse doesn’t always have to equal a pricy, seven-figure price tag. For a cool $759,000, this rare Gramercy Park find offers a top-floor one-bedroom residence with a private roof terrace, just steps away from Madison Square Park. A wood-burning fireplace, a compact, triplex layout, and modern upgrades throughout round out the package and make this unit at 160 East 26th Street a total steal.
This classic six co-op in the venerable 60 Gramercy Park North goes beyond just prewar charm. Designer decor by Starrett Ringbom is eye-popping, eclectic and fun, while providing a contrast for the home’s lovely architectural details. The high floor home, asking $5.295 million, comes with park views and a coveted key to Manhattan’s only private park.
Listing photos by Elizabeth Dooley, Dooley Images; Staging by Jason Saft from StagedToSell LLC
Originally built in 1883, Manhattan’s first co-op at 34 Gramercy Park East was described as “a craggy, mysterious red brick and red terra-cotta pile whose Queen Anne forms are among the city’s most spectacular,” in the 1988 AIA Guide to New York. A rare listing in the nine-unit building has just hit the market for $1,750,000, and it comes with a coveted set of keys to Gramercy Park. The two-bedroom unit features beautiful original moldings, wood floors, a decorative fireplace, and exposed brick accents.
Image courtesy of Compass; photo credit: Rise Media.
As if the building name–The Penny Lane–of this unusual home at 215 East 24th Street in Manhattan’s Kips Bay wasn’t sweet enough, the building is a former ice cream factory that was transformed into a full-service co-op. On the market for $825,000, this maisonette-style apartment is accessible through a private entrance from the street or via a full-service lobby. It’s a duplex of sorts, with loft-like proportions and an interesting layout.
Here’s a rare opportunity to own one of only five remaining single-family townhouses with a Gramercy Park address and one of the city’s most coveted accessories: keys to the famous neighboring park. A former 19th-century boarding house with rooms “decorated with ferns, foliage, and Autumn flowers,” according to an 1895 article in The Times, 40 Gramercy Park North is one of the last survivors from the initial period of development around the park, now sandwiched between two large apartment buildings. For $14,950,000 the six-story home carries plenty of historic charm but has been updated for modern living, complete with an elevator.
There are many blocks in New York that leave us drooling, but the original “block beautiful” is 19th Street between Irving Place and Third Avenue, one block away from Gramercy Park. Most of the brick and brownstone rowhouses on the block were built in the 1850s but were considered dour by the turn of the century. After moving to New York in 1906, British architect Frederick Sterner bought the home at 139 East 19th Street and renovated it with what would become his playful signature touch: a coat of tinted stucco, shutters, decorative ironwork, and a projecting tile roof. Many—if not most—of the other homes on the block received Sterner makeovers, giving the street a distinctive charm. Now you can own the house right across the street from Sterner’s own, at 140 East 19th Street, for $15,250,000.
Centrally located in Gramercy, just north of the park, this co-op studio in the gorgeous landmarked pre-war building 4 Lexington Avenue is currently on the market for $410,000. While tiny, it features a smart layout, full-service amenities and a covetable location, making it a great option as a starter home for a young professional. For those needing more space, an adjacent studio unit is also on the market, and the board is open to combining the two apartments.
A co-op in Gramercy recently hit the market for $4.75 million and comes with one of New York City’s most priceless amenities: an exclusive key to the park. Located at 48 Gramercy Park North, this one-bedroom home measures 1,765 square feet and features 14-foot high ceilings and exposed brick. With south-facing views overlooking the park, and a 21-foot-long veranda, this apartment should not be missed.