Oh, Henry! Not your typical studio
Crown or Cavity? Part 1: 171 Henry Street #3B
Meet Shayna Tover.
Shayna’s single and works as a financial advisor for one of those firms you’ve heard of, even if you haven’t the money or the muster.
Despite her corporate résumé, she’s got a bit of indie spirit driving her — particularly outside of work.
She’s a member of the NYC Crochet Guild, and when she’s not wearing her Max Mara Glen plaid business suit, she’s sporting one of her “weekend-only” granny-square sweaters. She finds constant inspiration in the many independent boutiques along and around Orchard Street.
Shayna plays pickleball, and you’ll often find her adding to the noise on Henry Street, popping and clacking her paddle against the perforated ball, preferably at the net where she deploys her signature slam.
She has a record player — specifically a Rega Planar 3 Turntable — and frequently pops by Catalyst Records at Essex Market to see what’s new, but, more importantly, what’s old. (In fact, she just scored the Sonny Curtis ‘Love is All Around’ record displayed on Catalyst’s site, so they’re going to have to update the image!)
What Shayna doesn’t have is an apartment of her own.
But she’s saved and is in a position to buy something. As an avid reader of More For LES — and we’re always welcoming new subscribers, so feel free to sign up for our free newsletter — she reached out for help finding a studio apartment in the area.
One of the units we looked at was this one.
List Price: $750,000
Bedrooms/Bathrooms: 0/1
Approx. Size: 684 SF
Monthly Carrying Charges: $727
Monthly Taxes: $1,035
Total Monthly Overhead: $1,762
Details: This spacious studio unit offers 9'6" ceilings, along with oversized north-facing windows overlooking Seward Park. A partition separates the presumed sleeping area from the living room.
An open kitchen comes with granite countertops, stainless steel appliances, and ample cabinetry, while the apartment also has hardwood floors, in-unit washer/dryer, and individually controlled heating and air conditioning. The building itself is a boutique 20-unit condominium, listed as built in 2017, and currently has a temporary special assessment of $124.58/month in place, which runs through March 2027.
Commentary: Despite the assessment for the next six months, she may not need to worry much about it given the typical timeline for a purchase. Depending on how long the process takes, she may ultimately be responsible for three months of assessments (or less), equating to about $375 additional dollars.
The current overhead is under $2,000 per month. The building is new-ish. With her financial reserves — which we haven’t revealed — Shayna could potentially buy the apartment outright without taking on a mortgage. She’d be less than a block from the F train, steps away from Dimes Square, and would have a treetop view of Seward Park.
Here’s where things get interesting, though.
In a private conversation, as we’re reviewing the apartment and considering making an offer, Shayna asks me:
I noticed on East Broadway that my potential unit would overlook Seward Park over the roof of the one-story dental office at 183A East Broadway. Is it possible that a buyer or developer could come in, take advantage of available air rights, and obstruct my view, giving me only a view of the back of a building with no other visibility?
I like that this is a condo because if I decide to upgrade or move into a larger place, I can keep the property as a fairly flexible investment. But in order for me to see that ROI, I need to know.
What can you tell me?
Stay tuned as we drill down into Shayna’s questions in Part 2 of the Crown or Cavity? series.
