A New York Metropolis House for Much less Than $350,000

A New York City Home for Less Than $350,000

However, it can help, such as Concord Village, a complex of seven buildings along Adams Street, near the Brooklyn Bridge and near Brooklyn Heights. The red-brick monolithic cooperative, built as a rental apartment during the era of urban renewal, offers apartments such as 225 Adams Street, No. 10B, a studio with a windowed kitchen and walled sleeping area for $ 330,000.

However, there are far more options in neighborhoods further south, such as Sheepshead Bay, where subway access is limited and cars are common. A pre-war one bedroom cooperative at 2241 Plumb First Street, No. 5K, on ​​the Gerristen Beach border, was listed for $ 199,000 in July, including couches, wardrobes, and tables.

When an apartment in this price range shows up in a prime neighborhood, it may be advisable to take a look at the gift list. Consider 300 Eighth Avenue in Park Slope, a cooperative entirely made up of studios that routinely trades for around $ 250,000 in units. The reason? Three decades after the building was converted from a rental to a cooperative, less than half of the 94 units, or 45, have been sold, realtors say, meaning it still hasn't hit the 50 percent threshold preferred by lenders. Buildings below this threshold with many residents who are tenants are too perishable, it is said and endangered the maintenance of the building.

Among the apartments in the 1920s Gothic-accented building that went up for sale last month was an inlaid-floor sponsor unit, No. 2L, which was $ 265,000.

"It would be cheaper to buy this and pay for maintenance than to rent it," said Hal Lehrman, Brooklyn Properties' principal agent, who has been selling sponsored units in the building since the 1990s. “And there is no such thing in the neighborhood. Period."

In addition, Mr. Lehrman added that with the sale of just three more sponsored units – which is expected this year – the cooperative will finally pass halftime and likely drive values ​​higher.


Please enter your comment!
Please enter your name here