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new development in Manhattan's Turtle Bay enclave, The Perrie, is offering one-bedroom condos at a relatively affordable price point of $875,000, with three-quarters of the 90 units priced below $1.2 million. This is significantly lower than the median price for a one-bedroom unit in Midtown, which is $1.29 million.

    To make ownership more accessible to buyers, Cape Advisors, the developer behind The Perrie, plans to apply for approval from the Federal Housing Authority (FHA). If approved, buyers can qualify for FHA-backed mortgage loans with lower down payments and interest rates. However, it's worth noting that FHA loans are not commonly needed in Midtown, where 64% of buyers paid cash for their homes as of April.

    The Perrie offers a range of amenities, including a gym, co-working suite, residents' lounge, and landscaped gardens with fire pits. Each unit features an open floor plan with marble countertops, backsplashes, and bathrooms, and many have balconies or roof terraces. To sweeten the deal, owners will be allowed to rent out their units for periods as short as 30 days.

    However, some experts question whether The Perrie's offerings are truly affordable. Douglas Wagner of BOND New York Properties LLC notes that factoring in mortgage payments, insurance, and other costs makes the lowest monthly payment at The Perrie more than the cost of rent in a comparable building. Nonetheless, Cape Advisors' president David Kronman believes his project offers value to buyers and provides a pathway to homeownership for those who might not have been able to afford it otherwise.