Thinking to buy a property in Washington Heights - NYC...Any advice?

I've heard this is one of the most undervalued neighborhoods in Manhattan. The apartment Im looking to buy is only a 1 minute walk to the 163 amsterdam subway stop which is a 30 minute ride to the hot spots in manhattan. One question tho, the apartment is listed as a Co-Op ....meaning I would not own the actual unit but instead own shares of the corporation which owns the building. The Unit has 2 bedrooms and is listed for 200k with a $800 monthly fee. (Hoa/insurance). Any advice will be appreciated.
(these are my opinions i am not a licensed broker by trade)