If you're on a budget and can get behind the motto “good things come in small packages,” this ground floor studio at 519 East 81st Street, listed for $219,000, may be for you. The price tag is significantly lower than similar studios in the neighborhood, which have sold for $359,562 on average in the last 90 days, according to StreetEasy.

Its footprint is small—a double bed positioned lengthwise runs most of the width of the main living area, from the look of the listing photos—but there are a few ways this apartment puts the limited space to good use. For one, there's a separate (albeit tiny) kitchen with a window and a decent amount of counter space. A storage loft above the bed makes efficient use of the 10-foot ceiling height. And the exposed brick, decorative fireplace and dark wood floors help give the place a more luxurious feel than it otherwise would have. (The square footage isn't included in the listing, likely because it's a co-op, and the buyer would technically be purchasing shares in the co-operative, not an actual piece of real estate.)

Do 10-foot ceilings and a fireplace mantel make up for a lack of square footage?

On the downside, the fridge is diminutive (it fits below the countertop) and there are few kitchen cabinets. What’s more, there’s little to no room for any living or dining furniture and the storage loft interferes with the light from the co-op’s street-facing window. Also, the listing specifies that "this is a cash deal!" so if you have to get a mortgage, it's probably not your best bet. Lastly, the place is rented out til April, so if you need to move now, better keep looking.

The kitchen has a small fridge but a full-size microwave and good counter space

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