Co-op pick of the week

A Park Avenue one bedroom for under $500,000, but there's a catch

The apartment offers flexibility, and an element of risk. 

Compass

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2020
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A Park Avenue one bedroom under $500,000 with flexible buying options? It's almost too good to be true! And yeah, you know how that usually goes.

But for the right buyer, 575 Park Ave., #1509 might be a good fit. Listed for $495,000 (with a recent price cut), this apartment in Lenox Hill welcomes foreign buyers (which is unusual for a co-op), trusts, LLCs, pieds-a-terre and subletting, and it also comes with at least a couple of really major catches. 

First catch, the maintenance: a hefty $4,026 does get you daily maid service and covers utilities, but that's a big chunk of change. Second, the building has a dreaded land lease (the sticky situation of not actually owning the land the building sits on), which makes it a riskier purchase. 

But what's the apartment like? It's very handsome, with a large foyer with inlaid tile, and well-maintained herringbone wood floors. The spacious living room has wood built-ins for storage and display, and a bench for additional seating. 

The full-size kitchen has a window, plentiful counter space, and a large pantry; there's even a separate bar sink. 

The bedroom gets lots of natural light thanks to southern exposure and has a walk-in closet. 

The windowed bathroom has double sinks, and a glass shower. 

The building, known as The Beekman, was built in 1927. Additional amenities include a 24-hour doorman, concierge, porter, in-house management, and a bike room. Storage for the apartment transfers with the sale, and no pets are allowed. 

The apartment is one block from the F, N and Q trains at Lexington Avenue and 63rd, and two blocks from Central Park. Bloomingdale's, the Apple store, and lots of dining and shopping options are close by as well.