New York apartment's bargain $360k price – but there's a reason why it's so cheap

Location, location, location may be an old clique, but it’s the only thing going for this New York apartment.

Situated in Manhattan's trendiest Soho neighbourhood, the Prince Street address is one of the city’s most coveted.

And at A$360,000 the ‘one bedroom’ condo seems like a steal compared to the local average asking price of $2.8 million.

Until you see what is inside.

The Prince Street apartment in New York.
The Prince Street apartment in New York has been left "untouched since the 1970s". Source: Corcoran Group

Described as an “authentic and original lower ground loft space untouched since the 1970s,” photos of the basement dwelling leave little to the imagination.

Appearing as one long room with barely a window in sight, the 603-square-foot apartment is a grim look into the New York property market.

With exposed pipework, paint peeling off doors and single lightbulbs hanging from the ceiling, the apartment is in desperate need of a renovation.

The kitchen (left) and the bedroom (right)
The $360,000 price tag has already attracted the interest of several buyers. Source: Corcoran Group

But according to the real estate agent, its “industrial features” are part of its charm.

“As unique as New York, a property like this must be seen to be believed,” the Corcoran Group’s listing read, highlighting the “truly outstanding price".

“[With] direct private access from Prince Street and ceiling heights close to nine feet, this generously sized property could service a variety of needs, including its current use.”

The outside of the building (left) and the courtyard (right)
According to the listing, 'access to the building's common courtyard culminates an efficient use of space.' Source; Corcoran Group

40 offers in 10 days

While the underground dwelling would have many people squirming, it hasn’t turned all New Yorkers off.

Corcoran salesperson Kane Manera says he’s received dozens of offers after the listing was posted 10 days ago.

“I have around 40 offers and I’d estimate 20 are well over asking, with too many inquiries a day to count,” he told The New York Post.

Even his rivals admit it is a good deal.

“For a one-bedroom condo in Soho, $250,000 [A$360,000] with an ask of $414 [A$600] per foot is absolutely unheard of,” Liz Schwartzberg, a real estate broker at Compass, said.

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