News that a studio recently became the cheapest apartment for sale in New York City is surely welcome for many in a city known for sky-high rents and even higher sale prices. Located at 89-00 170th Street #7E in Jamaica, Queens, the co-op unit hit the market on June 22nd for $80,000, reports the New York Post. “We got multiple offers from day one,” Mark Cisneros, the listing agent for the property, told the Post. “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.”
For those familiar with the reputation of the New York City real estate market, the price of the apartment may sound shocking. The average price per square foot for homes in Jamaica, located about 13 miles from midtown Manhattan, is $434, according to Realtor.com. At about 400 square feet, the unit is priced significantly under this average, at about $200 per square foot. However, the home doesn’t include some more traditional amenities such as a dishwasher or modern appliances. A washer or dryer are also not within the unit, though there are shared laundry facilities in the building’s basement.