New York City is in the throes of an affordability crisis of epic proportions, but that doesn’t mean a deal cannot be had when it comes to buying an apartment.
Real estate research and analytics firm NeighborhoodX has scouted out some of the city’s most inexpensive apartments up for grabs right now that aren’t income-restricted, foreclosures, or short-sales. They’re just regular ol’ apartments, all in the Bronx, and asking between a mere $42,990 and $80,000. To put that into some kind of perspective, most of these apartments cost less to own than it costs to rent a Puck Penthouse for a single month.
The apartments are a mix of co-op studios and even one-bedrooms in neighborhoods like Tremont, Highbridge, and Melrose. It goes without saying that the properties don’t afford the same lifestyle as nesting in a multi-million dollar penthouse, but they do provide shelter at an attainable price point in a city sorely lacking in that right now. (Tip: If you click on the address on the graph, it will take you to the apartment’s listing.)
"Typically, affordability is driven either by size or price per square foot," said Constantine A. Valhouli, Director of Research for NeighborhoodX. "These properties ask between $62 and $176 per square foot. For comparison, prices in upper Manhattan neighborhoods like Inwood are in the $400 to $600’s, while many lower Manhattan co-ops are $1,200 to $1,500 per square foot."