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This question is about this property: http://www.trulia.com/homes/New_York/New_York/sold/214365-41…

it depends on where it is located and what type of property and amenities

We would need more information i.e. sale or rental, walk-up (what floor) or elevator, renovated kitchen/bath, location? There isnn't much room in a 500 square foot one bedroom to convert a living room unless you're willing to give up a living room. Robin

Hi, Cmb2221
The square footage really varies. What you are talking about is a "Junior 4" or "convertible 2" in NYC real estate parlance. That would be an apt. with a bedroom and the ability to convert an alcove or part of a living room into another small bedroom. Most apartments with that layout are pre-war and square footage is generally not quoted on co-ops. There is good reason for that. The offering plan is the definitive document and for co-ops they quote shares in the corporation, not square footage.
Square footage can be deceiving even when it is available, as the layout and flow can make the identical square footage feel very different.
The best way to go about this is to work with an experienced, skilled agent who can find you what you are looking for, negotiate on your behalf, and take you through all the steps.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com for all NYC listings

Hi Cmb2221,

It sounds like what you are referring to is a Junior One. AKA an alcove studio. The alcove portion of the living room can be converted into a small bedroom. Junior 1's are usually 500+/- square feet.

A Junior 4 has a full bedroom and the dining alcove portion or L shaped living room can be converted to a second bedroom. Junior 4's are usually 700 +/- square feet.
http://nycblogestate.com/2007/02/new-york-city-apartment-ter…

Market data:
Fourth Quarter 2011 -The median market-wide price for a Manhattan studio in a coop was $330K
The median market-wide price of a Manhattan studio in a condominium was $507K

Each market segment, building, block and neighborhood has it's own nuances.

Best,

Mitchell Hall, Associate Broker
The Corcoran Group
917-312-0924
MHALL@corcoran.com