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LES Apartment Bargains May Have Small Catch

Real estate trade mag The Real Deal checks in on the "SoHoization" of the Lower East Side and finds apartment bargains for first-time purchasers to be had at the Co-Op Village, "a 4,500-apartment, 11-building complex where prices have increased more than 40 percent in just over three years." According to Halstead broker Alan Pfeifer, "They?re still running under market value," with studios selling for about $225,000, one-bedrooms for $315,000, and two-bedrooms $405,000. Maintenance costs are also below market norms. What might account for the relative bargains in Co-Op Village? Honestly, we have no idea, but perhaps this photo of one of the buildings will spur an insight we may have missed.
· Lower East Side, for the shabby and chic [The Real Deal]
· Co-Op Village Forum [ezboard]
· Loho Realty [LohoRealty.com]