19 years ago, I was looking for our dream apartment with my wife. We were renting a small small 2-bedroom(Well, it was more studio with 2 large closets!?) in Chelsea. It's hard to imagine now but Chelsea was not so great location in 19 years ago. Especially west side of 7th Avenue was pretty isolated, no cute shops or restaurants, of course High Line Park wasn't there. It was a couple popular clubs & bars for late night people.

But somehow we loved this area of atmosphere, many old mom & pop shops like antique shops, hardware stores, barber shops or even old donuts shops were still there.

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So we started looking apartments in Chelsea and we found a beautiful historical building from 1930's called "LONDON TERRACE". London Terrace was built in 1930 as one of the largest and luxury apartment complex in Manhattan. Complex was made by 14 buildings which covered entire block from 9th Avenue to 10th Avenue & between 23rd & 24th Street. It has one Olympic size indoor pool, beautifully landscaped courtyard and Maritime style rooftop with entire Manhattan view. Classy Interior of lobby with doorman & concierge service made very fancy apartment building. Even London Terrace used to have own transportation for residents with fancy horse carriages back then.

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So we went to so many open houses in London Terrace, but most of them were too expensive for us. But we found one perfect starter apartment with sponsor unit benefit. Sponsor unit apartment doesn't need coop board approval or interview. And often it's not renovated. So it was reasonable than other fancy renovated apartment.

I'm sure you don't believe but asking price was $220K for large studio. It sounds so reasonable now, but not so much in that time. And we were first time buyer, of course so we didn't know what to do, we took so long to decide.

We found this apartment in July, 2001 and we couldn't decide so long and September 11 happened. The owner of apartment want to sell quickly because September 11, so he offered discount price $175K only cash for us. Finally we decided because September 11. It was very interesting destiny...

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We started renovation with architect to create a bedroom with extra large sliding door in large studio apartment. It was very new creative idea in that time! The bathroom didn't have tub or sink, so we put extra large deep soaking Jacuzzi tub and hand held separate shower area, double sink with marble counter with beautiful medicine cabinets. The apartment didn't have a kitchen cabinets or sink, so we design whole kitchen with breakfast nook area. We lived there very very happy. 

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After 5 years we had a first baby and we realized we need more space than studio apartment. In that time, New York Times was talking about Brooklyn almost every week, but we never consider. But now we have another human in the tiny Junior one bedroom apartment with diapers, crib and stroller, we must go to Brooklyn! Of course Brooklyn was so beautiful and friendly, especially Park Slope was picture perfect for us. So we immediately decided to put our apartment on the market and sold $600K, three times more than what we paid!!

 

It was about 10 years ago, but still prime Park Slope area was too expensive for us. Also we thought it's better to get reasonable apartment in out side of prime area, but it's still in Park Slope to get appreciation later. And we found a nice unit in the new development on 4th Avenue. The new building has Full service doorman, brand new kids playroom, Huge gym & Yoga room on second floor with park view. It was a perfect situation for young family.  Asking price was $850K for 3bed+2bath apt with 25 years tax abatement. It has a nice balcony with Statue of liberty & Manhattan view.

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Now you know the market! Our apartment value is about $1.5M now. We started $175K and just living on it. And it made us all the way to $1.5M. So I alway recommend to buy, instead of renting apartments even a little small or a little bit off from the prime, it will make your life much easier later or even one of the biggest asset in your life!!