Two-Bedroom East Village Co-op Asks Just $695,000, but There’s a Catch

In normal circumstances, it would be easy-as-pie to find a buyer for this East Village co-op, located in the five-story building at 268 East 4th Street. The apartment isn’t fancy, but it has two bedrooms and 700 square feet. The ask comes in at a very reasonable $695,000, and that’s topped with a very reasonable monthly maintenance of $575. But like all things that sound too good to be true in New York City real estate, there’s a catch, and it’s not even that this is a fourth-floor walkup. The unit comes from an HDFC regulated cooperative, which means that a buyer must meet certain income guidelines to own it.

HDFC, or Housing Development Fund Corporation, is a form of co-op housing intended for low- and middle-income New Yorkers, and you’ll find many of them in the East Village and Lower East Side. To keep units affordable, income ceilings are imposed on resales, not to mention a high flip-tax to help deter quick profits. And in return, tax subsidies help keep maintenance low. It’s not the easiest purchase to make in New York, as this New York Times article explains, but if you can make it work, this is a perfectly lovely starter apartment. 700 square feet is plenty of room to spread out, and the interior boasts nice high ceilings and wood flooring throughout. On top of the two bedrooms the unit has a dedicated living room and dining room.

This is a fairly open floor plan, with the kitchen opening up to the dining room which opens into the living room. The listing notes that the kitchen and bathroom have been recently updated. And the building, according to the listing, was gut renovated in 2001.

The master bedroom is located off the living room; the second and smaller bedroom is right off the dining room. Views from the windows are of the community garden that was established right next door. Other building perks include a laundry room in the basement, covered bike storage in the backyard and a live-in super. Sure, it’s modest–and we haven’t forgotten that it’s a fourth floor walkup–but if you’re a buyer that meets the HDFC income restrictions you may have secured yourself a deal.

[Listing: 268 East 4th Street by Doug Perlson for RealDirect]

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Photos courtesy of RealDirect