We will be highlighting the best deals in certain areas as the weeks go forward, so let’s see how this goes. The way this works is that we will be analyzing listings according to our model. The ones that are priced the farthest beneath what our model says they should be priced will be highlighted. We will disclaim that we have likely not visited these listings to check them out for ourselves, so we can’t properly vouch for the purity of the listing. Hopefully, this will be helpful in your search for good deals in Manhattan because we know how tough this task can be. Always remember, the rent doesn’t have to be “too damned high”.
Deal of the Week
This week’s deal of 10003 (East Village/Union Square) is located at 340 East 9th Street. This unit has 2 bedrooms and 1.5 bathrooms. It has recently undergone a “high-end renovation” and boasts some outdoor space for entertaining. The unit is 1,100 sqft, but it is unclear as to whether the square footage is inclusive of the outdoor space.
This unit is priced at a very friendly $3825/mo. Our model priced the unit at $5625. In this ZIP code, pricing is driven most heavily by the square footage of the unit and next by the number of bathrooms. Typically, there is a jump in price of a unit for the number of bathrooms beyond one. Here, this unit has an abnormally large amount of square footage for any unit priced below $4000/mo. Further, there is an additional bath (although a half) to further contribute to value. We deemed this unit a great deal because it is priced beneath the lower bound of our 95% confidence interval, which was $4250.
340 East 9th Street is a unit that is in a trendy neighborhood that is convenient to a lot of other places in New York City. Beyond its location, it is is oversized and contains more than the standard “single” bathroom. Again, we can’t confirm why this thing has been on the market for a while (50+ days on streeteasy.com), but this is a good deal according to our model.