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The cheapest apartment in Soho is selling for $250,000 – with a catch

The cheapest apartment in Soho is selling for $250,000 - with a catch
Written by boustamohamed31

This tiny house could be the biggest deal in Manhattan — if you can live there.

A 603 square meter one bedroom apartment on Prince Street in Soho is for sale 250,000 dollars, the cheapest listing in the neighborhood, where the average one-bedroom asking price is $1,962,452. The next cheapest listing in Soho is $630,000.

Located on one of Soho’s most desirable blocks, the basement abode is just steps away from Dominique Ansel Bakery, Chanel and a Dutch restaurant where a 28-day dry-aged ribeye costs $165. The “generously sized” property has been on the market for just nine days and is already receiving offers above asking price, said Kane Manera, the Corcoran Group seller who is handling the listing.

“I have about 40 offers, and I’d say 20 is pretty excessive, with too many inquiries a day to count,” Manera told The Post, declining to elaborate.

The basement at 195 Prince Street, a desirable block in Soho, is available for just $250,000. But it needs serious upgrades.
The basement at 195 Prince Street, a desirable block in Soho, is available for just $250,000. But it needs serious upgrades.
NY Post composite photo
Not exactly a traditional chef's dream, the kitchen comes with the essentials, including an overhead light bulb.
Not exactly a traditional chef’s dream, the kitchen comes with the essentials, including an overhead light bulb.
Courtesy of the Corcoran Group

“For a one-bedroom in Soho, $250,000 at $414 a foot is absolutely unheard of,” said Liz Schwartzberg, a broker at rival real estate agency Compass.

But 195 Prince Street #1LL is no opulent loft.

The property boasts an “authentic and original downstairs, untouched since 1970,” according to the listing description, which may be an understatement.

Although this space fits a mattress, it's technically the living room, complete with "industrial characteristics" according to the description of the room ad.
While this space could fit a mattress, it’s technically the living room, complete with “industrial elements,” according to the space’s description in the listing.
Courtesy of the Corcoran Group

Paint is peeling from doors and floors, and “industrial elements” like exposed pipes and lights run throughout the space. The bathroom is tucked away in a closet, only two small windows line either end, and the bedroom is so narrow that the previous occupant appears to have slept on a mattress in the living room, facing the open kitchen.

According to the list, 195 Prince includes a "common yard" that "culminating in efficient use of space."
According to the listing, 195 Prince features a “communal courtyard” that “culminates the efficient use of space.”
Courtesy of the Corcoran Group

As for amenities, there are only two: pets are allowed and the “common yard,” an open space where upper-floor residents presumably dispose of their trash before its biweekly pickup.

Buyers looking for a one-bedroom apartment in the center said they were intrigued by the ad – until they clicked on it.

“That extremely low price obviously appealed to me,” said Phil Toronto, a 35-year-old venture capital investor. But “looking at the pictures of the unit, I immediately lost interest. This place literally looks like something out of a movie in a bad way. I’m pretty sure this is where I’d be held if I were Liam Neeson’s long-lost son in Taken 4. Is that a steam pipe in the middle of the living room?’

195 Prince Street is a five-story apartment building built in 1920. The lower level has not been updated since 1970, according to the listing.
195 Prince Street is a five-story apartment building built in 1920. The lower level has not been updated since 1970, according to the listing.
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Eli Goodman, a 28-year-old consultant, felt the same way. “I knew going into this search that finding an affordable one-bedroom apartment in the city would be difficult, but I didn’t realize my options would be meth dens or corpse pits for roommates at this price.”

Laura Lapitino, a 30-year-old luxury publicist who has been looking for a home downtown for six months, said that “even though $250,000 is the lowest price I’ve seen for an apartment in the neighborhood, I seriously doubt the place is even remotely habitable.’

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

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

Toronto said it may look at the property out of “morbid curiosity” but is unlikely to make an offer. “It’s just gross.”

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