Co-op Village has long been a vastly mysterious enclave of religious Jews, freshly immigrated Chinese families, and Hispanics located in Manhattan’s Lower East Side. There are four main sections of Co-op Village, which are made up of Seward Park, Hillman, Amalgamated, and East River Housing. Although these high-rise buildings were originally constructed for the garment working population of lower Manhattan, they have gained great popularity in the last two to three years as the Lower East Side has experienced exponential population and popularity growth.
Originally these co-ops were price controlled, meaning that they could be purchased at extremely low prices to support the local community. These price caps were removed a few years ago though, and Co-op Village hasn’t looked back. A two bedroom, one bathroom apartment that might have been $75,000 in 1999 (because of the caps) now goes for over $700,000. And that’s STILL cheap compared to the rest of the city!
Co-op Village is nestled in between a string of kosher eateries, Chinese businesses, and bodegas, but has much more to offer than you might expect. Each section has its own attributes and downfalls. East River housing looks on to the East River and Brooklyn, while Seward Park is the closest to the local public high school, the subway, and busy Essex Street. Each of the buildings has access to a playroom, newly renovated gym, 24-hour security, and a playground.
Prices for a colossal two bedroom unit with balcony tend to hover around the $700,000 range which is a bargain compared to the rest of Manhattan. Maintenance is kept very low (about $600 per month including some utilities and taxes) because of the 5% flip tax that the co-op board imposes on the sale of all units. If you plan on staying in your apartment for several years, it’s a small price to pay. The board only requires 20% down to buy and is rumored to be pretty relaxed.
Perhaps the greatest attribute is the area’s rapidly escalating values. Buying in Co-op Village looks like a great bet, especially when compared with the prices in just about every other surrounding building!