408 West 25th street, #1RE

Rare opportunity for an affordable apartment in Chelsea. Currently owned by the Oscar-nominated co-writer of the hit film Monster's Ball. Low price and low maintenance. 1st floor. Needs work.

IMPORTANT: 50% down payment required. This is an HDFC co-op with restrictions for income, resale and subletting. Total household income cannot exceed $54,000 per year at the time of purchase.

The co-op does not require considerable liquid assets after closing. Must be your primary residence. Applicants cannot own other property. No investors or pieds a terre. Owner can sublet for two years after their first four years of ownership.

They can then sublet for two years again after another four years. Short term sublets are not allowed. $10,000 flip tax for future resale. Note that similar market rate apartments sell for much more and require considerable liquid assets after closing.

11 feet ceiling. Decorative fireplace. Hardwood floor. The small bedroom is currently configured as a dressing room. Bathroom upgrade required. In the back of the building so very quiet with some natural light (faces south).

This charming building has undergone improvements including new brick facade, stoop and front entrance, intercom, staircase and hallways. Pet friendly. Washer/dryer allowed.

The wonderful Chelsea Recreation Center is on the block (moderately priced gym, swimming pool and various other activities). Two supermarkets are a block away and a pharmacy, post office and numerous other conveniences are also right on your doorstep.

Trader Joe's, Whole Foods, Fairway and Chelsea Market are all within walking distance. Steps to C and E subway, The Highline, Hudson River Park, Chelsea Piers sports complex, the thriving art gallery scene, restaurants and nightlife.

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