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Soho’s cheapest apartment sells for $250,000

Soho's cheapest apartment sells for $250,000
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This tiny house could be Manhattan’s biggest bargain — if you can afford to live in it.

603 sq ft ‘one bedroom’ condo for sale on Prince Street in Soho. $250,000, the cheapest listing in the neighborhood, where the average one-bedroom price is $1,962,452. Next up is the cheapest Soho list $630,000.

Located on one of Soho’s most desirable blocks, this basement apartment is steps away from Dominique Ansel Bakery, Chanel and The Dutch restaurant. The “generously sized” property has been on the market for just nine days and is already receiving offers for the asking price, said seller Kane Manera of the Corcoran Group, which oversees the listing.

“I have about 40 offers and I think 20 are asking too much, there are a lot of inquiries a day,” Manera told The Post, declining to provide further details.

A basement unit at 195 Prince Street, a prominent block in Soho, is for sale for just $250,000.  But it needs some serious improvements.
A basement unit at 195 Prince Street, a prominent block in Soho, is for sale for just $250,000. But it needs some serious improvements.
NY Post photo comp
Not a traditional chef's dream, the kitchen comes with essentials including a lamp.
Not a traditional chef’s dream, the kitchen comes with essentials including a lamp.
Courtesy of Corcoran Group

“A one-bedroom condominium in Soho can go for $250,000, $414 per square foot,” said Liz Schwartzberg, a broker at rival real estate agency Compass.

But 195 Prince Street #1LL is not a luxury loft.

The property, according to the listing description, boasts an “untouched original and original lower lot since the 1970s,” which may be lower.

Although this space is suitable for a mattress, it is technically a living room, complete with it "industrial characteristics," according to the listing description of the location.
Although the space is fitted with a mattress, it’s technically a living room, complete with “industrial features,” according to the listing description of the space.
Courtesy of Corcoran Group

Paint is peeling off the doors and floors, and “industrial features” such as exposed pipes and lights run throughout the space. The bathroom is tucked into a closet, with just two small windows on either side, and the bedroom is so narrow that the previous occupant slept on a mattress in the living room overlooking the open-plan kitchen.

According to the list, 195 Prince features a "common yard" that "sums up the efficient use of space."
According to the listing, 195 Prince features a “common courtyard” that “sums up efficient use of space.”
Courtesy of Corcoran Group

As for amenities, there are only two: pets allowed and a “common yard,” an outdoor area where residents on the upper floors can dump their trash before their biweekly pick-up.

Buyers looking for a downtown one-bedroom pad said they were interested in this listing — until they clicked on it.

“This extremely low price obviously affected me,” said Phil Toronto, a 35-year-old venture capitalist. But “I immediately lost interest when I looked at the photos of the unit. This place literally looks like something out of a movie. I’m sure if I were Liam Neeson’s long-lost son in Taken 4, I’d be caught here. A steam pipe in the middle of the living room?”

195 Shahzade Street is a five-story residential building built in 1920.  The lower-level unit hasn't been updated since the 1970s, according to the listing.
195 Shahzade Street is a five-story residential building built in 1920. The lower-level unit hasn’t been updated since the 1970s, according to the listing.
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Eli Goodman, a 28-year-old consultant, felt the same way. “Going into this search I knew it would be difficult to find an affordable bedroom in the city, but I didn’t realize my options would be meth dens or dead bodies for roommates at that price.”

Laura Lapitino, a 30-year-old luxury publicist who has been house-hunting downtown for six months, said: “Although $250,000 is the lowest price I’ve seen for an apartment in the neighborhood, I seriously question whether it’s available. it is even possible to live from a distance.”

With just over 600 square feet packed into a long, narrow section, the basement apartment is one bedroom with eight-foot high ceilings.
With just over 600 square feet packed into a long, narrow unit, the basement has one bedroom and eight-foot-high ceilings.
Courtesy of Corcoran Group

The apartment’s listing ends with one final selling point: “As unique as New York is, a property like this has to be seen to be believed.”

Toronto said he might look at the property for “illness,” but he’s unlikely to make an offer. “It’s just gross.”

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