“Why rent when you can buy a handyman special” says the advertising for New York City’s cheapest home on the market. For just $19,900 you can own a 600 square-foot home in Throgs Neck, Bronx – the cheapest home currently on the market in New York.
A Wall Street Journal analysis of the cheapest homes in the five boroughs compiled by PropertyShark.com reveals a diverse mix of properties offered at prices lower than some pay for their monthly rent in the City. Actually, a month’s payment of New York City’s most expensive rental – 4 East 80th Street ($165,000) – will buy not one but five homes at the lower end.
So, what can you find at the lower end of the market:
- An L-shaped studio in a luxury building in Brooklyn offered at $68,000 – 1170 Ocean Parkway #6A
- A bank-owned 2-bedroom co-op in Queens offered at $39,900 – 1040 Neilson Street #4D
- A 2-bedroom coop in West Harlem, Manhattan offered at $71,500 – 36 Convent Avenue #16
However, many of these homes come with strings attached, as the Journal’s reporters have found out. For details please refer to the original article, which also includes a slideshow and a video interview with Maya Pope-Chappell of the Wall Street Journal.