The unit does need a substantial amount of work, judging by the photos (the tile laid over the hard wood floors is in my opinion, criminal). But at $219 per sq ft and with that amazing wall of windows in the livingroom, this apartment has big Renov8or appeal.
I would of course, thoroughly investigate the financials. This is one of those co-ops that was designed as several standalone buildings and each building has its own co-op board -- and its own financials. Ask when the mechanicals, the roof, and the facade were last updated. And if there was an assessment in the last two years or if there will be one coming.
Potential drawbacks: It is on the third floor of a walk up and the second bedroom is small. But I think it's simply lovely -- and a good investment. The same unit on the top floor sold for $290k in 2010.