Fixer Upper Friday: Spacious 2 BR in Jac Towers - $500k

Via Streeteasy

This week's Fixer Upper special is an expansive 2BR in Jac Towers, located just a stone's throw from the express train at 35-05 72nd Street, #4D in the Jackson Heights neighborhood of NYC. The exciting aspects about this handyman special are the size and light, given it's corner orientation, and asking price of $500k. Most importantly, the floorplan might allow a clever renovator to create a master ensuite, walk-in closet, and second bath. Such a renovation would immediately increase this home's value, as co-op apartments with two bedrooms and two baths in this neighborhood are going for upwards of $750k. So at the very least there is about $250k of instant equity on the line.

From floor plans and photos available on Streeteasy, we see that this 1920s home in an elevator building retains a good deal of original detail, including hardwood floors, picture rail, paneled doors with original hardware, and high ceilings—and it features two very large bedrooms of equal size.

Via Streeteasy

Via Streeteasy

Don't fall in love with that pink bathroom just yet, as it's about to go—though we could salvage the still-lovely pedestal sink and tub, or reglaze them white if you'd prefer. You want to remove the tub all together for a full-size walk-in shower with seated bench? The best thing about gut renovating your home is you call the shots—spring for a design with functionality and esthetics that suit your personal needs.

Via Streeteasy

Via Streeteasy

The original floor plan shows the closet in the master to be teeny tiny. Grab that, a bit of space from the bedroom itself, and, voila!, a second bath. The proposed space shares a wall with the first bath, so plumbing should be doable.

Via Streeteasy

Now reallocate space from the second bedroom to create a walk-in closet and you've got the master suite of your dreams.

You haven't used up all your instant equity, so let's address the kitchen and make this space more family-friendly. Knock through that wall separating the galley kitchen from the living room and open it up to the living area. This would leave room for a generous table, perfect for family meals and entertaining.

I don't have any insider intel on this co-op to speculate on the strength of its finances; that's something a prospective buyer always needs to look into. Real estate is a big investment and proper due diligence is required. The co-op stipulates 20% down, but there is no board approval required for this sale, and subletting is allowed after two years. Given all that, and at this price, this home is definitely worth a closer look!