The listing price for this New York City co-op sounds so unbelievable that it may seem to be a hoax — but no, this isn’t a scam.
A spacious alcove studio in Jamaica, Queens, is on the market for the rock-bottom price of $80,000, making it the cheapest residential property currently for sale within city limits, according to StreetEasy listing data.
Despite the five-figure asking price, lead listing agent Mark Cisneros of Keller Williams says that the unit is a standard co-op and not one designated as a Housing Development Fund Corporation, more commonly known as an HDFC. (Those are co-ops that are earmarked with strict financial requirements to give low-income New Yorkers affordable housing.)
Still, the sale of this unit does come with some fine print. The requirements to be considered, Cisneros says, are that owners must have a minimum annual income of $40,000 for three consecutive years and a net worth of at least $25,000.
Located on a quiet residential street in Jamaica near the bustling thoroughfare of Jamaica Avenue and the main branch of the Queens Public Library, the studio is large and sun-drenched, according to Cisneros.
“The western exposure means that you get a lot of natural light,” he said. “The layout is fantastic.”
The unit has hardwood floors and a full kitchen. No, it doesn’t have a dishwasher, but there is counter space and cabinets, though the listing images show the space could use an update — which the listing price can afford.
While not a walk-in, the closet for clothes, shoes and “stuff” in general isn’t minuscule either — nor is the bathroom that fits a full bathtub.
The co-op is situated in Avalon Terrace: a clean, well-kept building constructed in 1963 with an elevator, a laundry room and a garage.
Its asking price puts it nearly $20,000 below the city’s next least-expensive listing: a 650-square-foot one-bedroom co-op in Spuyten Duyvil — an area of The Bronx that’s very close to Inwood in Manhattan — asking $96,154, whose listing says there’s already an accepted offer. That home hit the market last Thursday.
Cisneros says that the Queens apartment has been on the market since June 21st and generated strong interest right from the start.
“We got multiple offers from day one,” he said. “The lowest offer was for the asking price, and most were above $100,000. Numerous were all-cash offers. Right now, we have an accepted offer that’s in the six figures, but it’s not in contract yet.”
Cisneros declined to give specifics on the seller, only revealing that it’s a family that has owned the co-op for several decades.
In his StreetEasy description of the property, Cisneros cites rental data on the area to entice bidders: according to the research firm Rentometer, he says, the average rent of a studio per month in Jamaica is $1,980. Monthly mortgage and maintenance payments — the latter being $630, StreetEasy shows — for the property to work out to be less.
Jonathan Miller, the president and chief executive of the real estate appraisal and consulting firm Miller Samuel, says the average sale price for a co-op in Queens is about $340,000, per his market report series for Douglas Elliman.
“We are used to looking at the headline numbers like these, but these market numbers are averages, meaning prices can be much higher and lower,” he said.
“You don’t hear about them, but there are a fair amount of apartments that come up for in New York that cost under $100,000,” he added. “We’re all so obsessed with the high-end market that all of our attention goes there.”
The bargain basement finds are usually located in the outer boroughs, says Miller.
“In the case of this … apartment, it’s cheap because that’s what studios go for in that area, but they don’t come up for sale often. It’s not quite the giveaway as the price suggests,” he said.