After failing to land a two-bedroom co-op he could share with a roommate, a young buyer scaled back his search. Here’s where he wound up.
After failing to land a two-bedroom co-op he could share with a roommate, a young buyer scaled back his search. Here’s where he wound up.
The New York Times
Real Estate|He Wanted a Manhattan Bachelor Pad for Under $600,000. Which of These Would You Choose?
Site Search Navigation
Site Navigation
Site Mobile Navigation
Real Estate|The Hunt
He Wanted a Manhattan Bachelor Pad for Under $600,000. Which of These Would You Choose?
ByJOYCE COHENJULY 16, 2020
After failing to land a two-bedroom co-op he could share with a roommate, a young buyer scaled back his search. Here’s where he wound up.Related Article
Last fall, Eric Hagstrom figured he would buy a two-bedroom co-op in the city and find a roommate to help defray costs. “I like living with people,” he said. “I’m an extrovert.”
Mr. Hagstrom, a 29-year-old New Jersey native, had traveled and worked abroad since graduating from Princeton University. Now he was planning to remain in New York for a while, and a two-bedroom would allow for future expansion if he had a family.
A query on StreetEasy led him to Karen Kostiw, an agent at Warburg Realty. His budget was $450,000 to $550,000, and his priority was a location near his office in the Flatiron district, where he works for Discovery, the TV programming company. “I picked Union Square as the centerpoint of my search and kind of radiated around that,” he said.
He soon found what seemed like an ideal place near Gramercy Park: a large one-bedroom turned into a two-bedroom, with two exposed-brick walls and a renovated kitchen. The price was $525,000, with monthly maintenance of around $1,500.
[Did you recently buy or rent a home in the New York metro area? We want to hear from you. Email:thehunt@nytimes.com]
After his offer was accepted, he learned that the building had failed its gas inspection. “I didn’t want to go to a hot plate for my first months living there,” Mr. Hagstrom said. “A hot plate is good for making instant ramen, but if I want to make a two-course meal for friends, it’s not the best.”
Far worse was the need to have a wall ripped up and the unknown cost of an assessment for the gas work.
“When the attorney did due diligence, we found out nobody had gas,” Ms. Kostiw said. “They weren’t transparent with the issues. In these old buildings, you don’t know what other problems will come up once they start opening walls.”
Mr. Hagstrom also couldn’t get a straight answer from the co-op about whether he could have a roommate. He backed out.
“There was nothing else on the market like it in terms of size for price,” he said. “It was probably cheap for a reason I didn’t pick up on initially.”
So he began again. This time he considered one-bedrooms and studios, and he raised his price limit to $600,000.
Among his options:
No. 1
Stuyvesant Square Alcove Studio
This alcove studio in a 1930 building was more than 450 square feet, with a kitchen in an alcove. There were two large closets and a dressing area outside the bathroom. The price was $565,000, with monthly maintenance of around $1,000, including utilities.
No. 2
East Village One-Bedroom
This renovated one-bedroom in a 1920 walk-up building was around 450 square feet, with high ceilings, a sliding barn door to the bedroom and a new kitchen. It was directly above a bar. The price was $599,000, with maintenance of around $740.
No. 3
Gramercy Park Studio
This sunny studio was just 250 square feet, with a boxy living area plus a kitchenette and a walk-in closet with built-in shelving. The 1898 elevator building had a virtual doorman. The price was $410,000, with maintenance of about $660.
Find out what happened next by answering these two questions:
Which Would You Choose?
Stuyvesant Square Alcove Studio
East Village One-Bedroom
Gramercy Park Studio
Which Did He Choose?
Stuyvesant Square Alcove Studio
East Village One-Bedroom
Gramercy Park Studio
The Hunt
On a $3,000 Monthly Budget, They Wanted a Brooklyn Duplex. Which Did They Pick?
He Wanted Some Outdoor Space in a New Manhattan Condo. Which of These Homes Would You Choose?
Heading Up to Westchester for More Space at the Right Price
They Wanted a Brooklyn Fixer-Upper for the Right Price. Which Home Would You Choose?