Apt 1SS at 16 West 16th St., "The Chelsea Lane", is a newly renovated Jr. 1 bedroom 1 bath with 9' ceilings and southern exposures. The updated kitchen features a beautifully honed Carrera Marble backsplash in a herringbone pattern, a deep under-mount stainless steel sink, and Bosch refrigerator, dishwasher, and 4 burner cooktop stove. The stylish and tastefully appointed en-suite bathroom has marble floors, brass fixtures, an oversized medicine cabinet and storage under the sink. The bedroom currently has a queen-sized bed plus furniture, a closet and built-in storage space under the window. There is also space to add another closet. The open living room is spacious enough to include a dining table off the kitchen and works wonderfully for entertaining. There is extra built-in storage under the window as well. Unlike other Jr. 1 bedrooms in the building, apt 1SS has a huge entry closet with built-in storage measuring 3' feet deep and 11' long. The Chelsea Lane is a 24-hour doorman bldg with live-in super and on-site managing agent. There is a full staff of handymen and porters and the building also features a new laundry system that permits owners to control their laundry cycles from their cell phones and receive notifications when finished. The co-op has excellent financials and the apt has a super low monthly maintenance of $876.63. Pied-a-terre, guarantors are all allowed. Pets are allowed with board approval and subletting is permitted after two years of ownership. Additionally, there is also a parking garage located in the bldg.
Chelsea extends from 14th Street to 29th Street, west of Sixth Avenue (Avenue of the Americas) to the Hudson River. Chelsea is located near the garment district and is in the midst of the flower district. Apartments in this neighborhood are comprised of many walk-up buildings, lovely brownstones, and loft-style structures. Many new stores have opened up along Sixth Avenue and an impressive assortment of restaurants can now be found on Eighth Avenue. The area is home to the Joyce Theater and many other noteworthy art galleries located on the westernmost blocks of the neighborhood.
With the recent unprecedented rate cut by the Federal Reserve, banks have been inundated with people looking to take advantage of lower interest rates. Because of the overwhelming demand, we have not yet seen a huge reduction in mortgage rates. While we aren’t there yet, it is likely that we will see a dramatic shift in the upcoming months, which raises the question, “What does a 1 point difference in interest rate do for my bottom line?”Read more