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The Beauty of a ‘No-Nothing’ Walk-Up

They additionally wished to keep away from full-service buildings. Mr. Reefer’s two dads stay in a Yorkville co-op, “with porters, doormen, gardeners and paint guys, and there is so much tipping and all those rules,” he stated. “I am in my 20s. I can carry things upstairs. I wanted an old-school, tenement-style, no-elevator, no-nothing walk-up.”

They emailed about a itemizing in a lovely Gramercy Park constructing, circa 1928, that they discovered on StreetEasy, and heard from Karen Kostiw, a licensed saleswoman at Warburg Realty. The value was $795,000 once they noticed it, having dropped from $975,000. Maintenance was round $1,250 a month. The main bedroom was lower than 100 sq. ft, and the Pullman kitchen was marketed as “smart, sleek and the perfect size for the city dweller.” That meant a dorm-size fridge and minimal counter area.

A two-bedroom in a 1928 Gramercy Park constructing was the best value, however it had a kitchen with a dorm-size fridge and minimal counter area.CreditKatherine Marks for The New York Times

“It was less of a kitchen than in most hotels I’ve stayed in,” Mr. Reefer stated. “I think that apartment is for a pied-à-terre or for the kind of person, like my friends, who don’t cook but just order out.” The condominium later offered for $750,000.

In Greenwich Village, a two-bedroom in a charming walk-up was going for round $700,000, with upkeep of $1,000. It appeared “incredible for the price, and there was probably a reason for that,” Mrs. Reefer stated. “We were blinded by the address and the cool neighborhood.”

As it turned out, a single investor owned most of the co-op shares within the constructing and was renting many of the models, making a mortgage troublesome to acquire.

“The fantasy was we would find something really cheap by being smarter than everybody else, but it was never that realistic,” Mr. Reefer stated. Still, they’d enjoyable frequenting open homes, lining up an itinerary for the day and stopping for brunch.

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About Scott Morgan

Scott B. Morgan writes for Debt Management and Real Estate sections in AmericaRichest.

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