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$450,000 / 1br - 400ft2 - Hell's Kitchen/1 bdrm (Midtown West)
450 W. 55th St., New York, NY 10019
450 W. 55th St. near 9th Ave
1BR / 1Ba
400ft2
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Given its proximity to Broadway and its more affordable rents, Hell’s Kitchen has also long been home to aspiring actors just breaking into the business, with celebrities such as Burt Reynolds, Bob Hope, James Dean, Madonna, Jerry Seinfeld and Sylvester Stallone having lived there while "paying their dues" in the industry.
Apartment and location for any and all wanting a great place in a prime location.
No dark, long and skinny, ground floor apartment here…the space is a bright, well-proportioned, quiet, and private top (5th) floor walk-up unit with high ceilings, hardwood floors, a street view, air conditioning, ceiling fans, warm wooden doors and sills throughout the apartment, full bath, and a modern kitchen with a quartzite countertop, Kohler stainless steel sink, and a gas range/oven. Adjacent breezeway gives perpetual breeze and fresh outside air if windows are opened. Window treatment, air conditioning, and ceiling fans included. Spectrum is the main WiFi provider, but bldg and apt are also Verizon FIOS ready and T-Mobile.
The bedroom fits a queen-size bed and accent-table.
Can send video clip upon request.
Unit is currently semi-furnished, but turnkey/move-in ready as is. Can leave most furnishings at no cost, such as Zinus queen solid wood platform bed frame, window treatments, shower curtain/rod, towels, small butcher block kitchen table/chairs, cutlery, dishware, cooking utensils, etc., but up to purchaser. All in excellent condition.
The building has 20-units, is of pre-war construction, five stories, non-smoking, well maintained, professionally managed, and with long-term owners/tenants. It also has a newly installed, smart video-intercom system for safety, double door vestibule, small, but well-manicured private garden area with bicycle storage, live-in superintendent, individual storage lockers, modern, commercial grade laundry facilities in the basement, and safe and secure package delivery.
VERY low monthly maintenance fees of $358/mo (almost free), includes gas, water, heat, taxes, insurance, garbage removal, etc. Owner pays only electricity and Wi-Fi (both low).
As property is an HDFC, the above monthly fees are very low, but the tradeoff is that income restrictions apply...approximately $163K/yr for one person and $186k/yr for two (165% AMI). Source: https://www1.nyc.gov/site/hpd/services-and-information/area-median-income.page.
Also, as an HDFC, the building has sublet restrictions and a flip tax (both typical for HDFCs), but these provisions keep the building, tenants, and community stable, as well as the coffers filled, which is what homeowners want. If this is going to be your primary residence, these covenants won’t be an issue.
Finally, application times can be fairly lengthy as there is both the board and the management company (Veritas) involved in the approval process (it's a close-knit community). Application fees apply. So, one will have to be a very serious, committed, and patient buyer to make this work, but to have a gem like this in such a great location in Hell's Kitchen, it will be very well worth it.
On a personal note...I spent almost one year searching full-time to find this property. But the time and effort were worth it as I found 99% of what I was looking for...great location, very low monthly, well lit, proportional floor plan, street and sky view, high ceilings, quiet bldg , neighbours, and location, no one above, no one to the west, no apts across the street (school), last unit on top floor so no traffic past the door or thumping of footsteps above, lovely and private garden area. Long-term tenants, large reserve, live-in superintendent, and more.
I don’t own a car don't own a car, a bike, a scooter, a skateboard, or even a pair of roller skates...just me and my running shoes, I walk and/or jog everywhere, it's all right here. Easy to become spoiled! In sum, the apartment checks all the right boxes, and one will be hard- pressed to find all of these attractive features in a co-op in such a great location…a great space in a great place.
Regardless, one thing is assured...home values (and rents) have, and will continue to rise, especially as HK (a.k.a. 'Clinton'), is covered under the city's SPECIAL CLINTON DISTRICT/Zoning Resolution Chapter: 96-00, severely restricting new development, even rehabilitation, to ensure that this historic neighbourhood maintains its unique character.
Average rents in NYC broke $5k/mo for the first time in 2022 (median $4k/mo). So, if structured properly, the total monthly pmt can work out to owning actually being cheaper than renting…save cash and build equity at the same time.
Cash buyers welcome. Flexible on timing. Please contact me with any questions, but again, serious non-agent inquires only. Thank you.