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Dirt Cheap Upper West Side Apartment is Too Good to be True

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It's not often that Manhattan apartments pop up on our radar selling below $300,000, especially ones on the Upper West Side with private outdoor space. But it happened earlier this month at 102 West 85th Street, where #11A, a 1BR, 1BA, 660-square-foot apartment in the co-op sold for just $217,000, down from the asking price of $250,000. Maintenance is high at $1,231/month, but c'mon, $328 per square foot! There's a catch of course. The Elliman listing is gone, but StreetEasy preserves the explanation: "This very unique offering is rent-controlled with a tenant in place CAN BE YOURS as an investment, 1031 exchange, a future home or a pied a terre." Hey rent-controlled tenant: Start looking behind you for a guy in a ski mask every time you step out on that terrace.
· 102 West 85th Street #11A [StreetEasy]