Swapping Frank's for Alphonso's: Would You Do It?

The Stacey family has lived between 14th Street, 23rd Street, and Avenue C for more than a decade.

At first, it was just Casey Stacey living in Stuy Town. One opportune night at Taverna Kyclades (RIP, East Village location), he met Lacey. En route to the loo, she caught him admiring the chilled fish display while he was waiting for a table.

They struck up a conversation, and the rest is history. The following year, she moved into his one-bedroom in Stuy Town. Two years later, they were expecting Macey, so they hopped to the north side of 18th Street into a two-bedroom in Peter Cooper Village.

Ten months later, Gracie arrived, and the clock started ticking. They knew that within six months, Gracie would need a room of her own, or she’d be sharing one with her big sister, Macey, in a rented unit that wasn’t well-suited for another crib—not to mention the changing table, an upgraded stroller, and the ever-growing stockpile of diapers, wipes, creams, and the Diaper Genie.

An architect by trade, Lacey spoke the language of sight lines, adjacencies, and gross square footage, the latter being an important sticking point. With 760 square feet and one bathroom, the family needed more space. They looked around and discovered that the only part of Manhattan where they could afford to buy—and still find value—was the Lower East Side, practically a stone’s throw from Stuyvesant Oval.

Incredibly, they found a breakthrough ("combo") unit in East River Housing Corporation with 1,800 square feet and two courtyard-facing balconies asking $1.6 million—less than $900 per square foot. Keep in mind this is 2023, and the average price per square foot in Manhattan is north of $1,600.

They slept on it.

When they woke, they remembered it was 2023, and they opted against it, noting that the 30-year fixed mortgage rate was hovering around 6.7%. So they pivoted again while remaining in a rental, snagging a prized and rather premium 3-bed, 2-bath unit at 420 East 23rd Street for…wait for it…$9,775/month for a two-year term.

That’s more than $100,000 a year in rent for 1,200 square feet. Woof!

Six months into the new lease, the Staceys are thinking, again, about the Lower East Side. They want more space than they have now, but they also want to set down roots and have a place to call home.

Here’s what they saw:

504 Grand Street #B42

List Price: $1,425,000

Bedrooms/Bathrooms: 4/2
Approx. Size: 1,700 SF

Monthly Carrying Charges: $2,578
Monthly Taxes: Included

Details: This 1,700 SF combined co-op offers four bedrooms and two bathrooms with a spacious layout. The home features a windowed eat-in kitchen with stainless steel appliances, a walk-in pantry, a dedicated laundry room, and original hardwood floors. Built in 1929, the six-story Amalgamated co-op includes a central courtyard, gym, laundry facilities, community room, bicycle storage, package room, 24-hour security, and allows both dogs and cats.

Commentary: At 1,700 square feet, the Staceys would gain a tremendous amount of space, not to mention exceptional value at less than $850 per square foot.

At the same time, this is very much a project. The potential is evident in the virtual staging, but the apartment’s current condition leaves plenty to be desired. Importantly, this is already a combined unit, eliminating one of the more complicated steps in creating a larger home. Amalgamated also features a beautiful interior courtyard reserved exclusively for residents and their guests, a welcome reminder of their years in Peter Cooper Village.

311 Cherry Street #L3

List Price: $1,399,000

Bedrooms/Bathrooms: 4/2
Approx. Size: 1,239 SF

Monthly Carrying Charges: $842
Monthly Taxes: $551

Details: This top-floor condominium offers four bedrooms and two bathrooms across 1,200+ square feet. The residence features vaulted ceilings, hardwood floors, and a kitchen with granite countertops and stainless steel appliances. The building includes an elevator, gym, bike room, and common laundry facilities.

Commentary: Unlike the other two options, this is a condominium, offering the Staceys considerably more flexibility than a co-op. They could purchase it, rent it immediately, and never occupy it themselves if their plans changed. Despite being the smallest of the three, this apartment also appears to be in outstanding condition, with beautiful floors, high ceilings, and a thoughtfully renovated interior.

For a family with young children, the location is another major advantage. PS184 Shuang Wen, a Blue Ribbon school, is literally just up the street. The primary drawback is the setting. Located near the FDR Drive and Water Street, the immediate surroundings are less neighborhood-oriented than other parts of the Lower East Side, with fewer shops and restaurants nearby. That said, Brooklyn Fare is only a short walk away.

475 FDR Drive #L301/7

List Price: $1,450,000

Bedrooms/Bathrooms: 4/2
Approx. Size: 1,800 SF

Monthly Carrying Charges: $2,760
Monthly Taxes: Included

Details: This 1,800 SF combined co-op features four bedrooms, two bathrooms, a private balcony, ten-foot ceilings, and original hardwood parquet floors. East River Corporation offers a 24-hour attended lobby, private parks, a children’s playroom, community room, gym, laundry facilities, and permits cats but not dogs.

Commentary: This East River apartment is also a combo unit, complete with a balcony overlooking the East River. As configured, it offers four bedrooms and two full bathrooms, although it would benefit from a refresh. It’s unquestionably a project, but the value is equally undeniable at just over $800 per square foot.

The East River courtyard is reminiscent of the Stuy Town Oval, and nearby Alphonso’s Pizzeria will offer shades of Frank’s Trattoria on 1st Avenue. They will unquestionably feel at home here, but the question remains: Are they up for a project?

Before making any decisions, they’ll consult the More For LES Budgetizer to estimate the cost of a renovation. Then, they’ll make the call.

Would you stay and renew a lease for $10k/month? Or, would you convert that $120,000 to home improvements or equity? Which apartment space-y best suits the Staceys?

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