Co-op pick of the week

You can buy this three bedroom in Central Harlem for just $850,000, if your income falls below the cap

This co-op has been gut renovated and has a mix of old and new features. It is a few blocks from Columbia University. 

Citi Habitats

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It's true! This three-bedroom, one bath co-op, 353 117th St., #3E in Central Harlem, is just $850,000 with a reasonable maintenance of $638 a month. That's far below the median asking price of $1,395,000 for a comparable apartment in the neighborhood, according to StreetEasy.

But how can that price be? Well, for starters, the apartment is an HDFC co-op (according to the listing it was recently released from regulation). There is still an income cap for buyers, but it is relatively high—the limit for one or two purchasers is $362,736, and for three or more, it's $423,192. 

Secondly, looking at the floor plan, neither of the smaller two bedrooms (which are not shown in photos) is large enough to be considered a legal bedroom (one wall isn't long enough by a few inches). However, it's a nice, big place in a good location, with lots of light thanks to three exposures. 

The listing describes it as "gut restored," updating the bad, and keeping the good. Historic features include a decorative mantle, transom windows, and original wood floors. The living room is open to the kitchen and includes custom pieces such as light fixtures and window gates by local artist Linus Caraggio.

The eat-in kitchen has salvaged walnut cabinetry, soapstone countertops, hand-painted tile, a dishwasher, and slate herringbone floors.  

The master bedroom is now used as a study, and is connected to a smaller one through French doors; the third bedroom is of a similar, smaller size.

The bathroom has a deep Toto soaking tub and a heated towel rack.

The elevator building allows pets on approval, and has voice intercoms. 

Transportation is two blocks away at 116th Street, where you can catch the B and the C trains, and Morningside Park is half a block away. Columbia University is nearby, as is plenty of eating and shopping along Manhattan Avenue, and beyond.