A New York City Home for Less Than $350,000
But there may be workarounds, like Concord Village, a seven-building complex along Adams Street, near the Brooklyn Bridge and near Brooklyn Heights. The monolithic red brick co-op, which emerged in the era of urban renewal as a rental, offers apartments like 225 Adams Street, No.10B, a studio with a glass-fronted kitchen and walled sleeping area for $ 330,000.
However, there are many more options in areas further south, such as Sheepshead Bay, where metro access is limited and cars are common. A one-bedroom pre-war co-op at 2241 Plumb First Street, # 5K, on the border with Gerristen Beach, was listed for $ 199,000 in July, with sofas, cabinets and tables included.
When an apartment in this price range pops up in an upscale neighborhood, it may be wise to look at the gift list in your mouth. Consider 300 Eighth Avenue in Park Slope, an all-studio co-op where units regularly trade for around $ 250,000. The reason? Three decades after the building converted from a rental to a co-op, less than half of its 94 units, or 45, have been sold, brokers say, meaning it still hasn’t hit the key threshold of 50% preferred by lenders. Buildings below this threshold, with many occupants who are tenants, are believed to be too transient, jeopardizing the maintenance of the building.
Among the apartments in the 1920 building with Gothic accents for sale last month was a sponsor unit with inlaid floors and original moldings, # 2L, asking for $ 265,000.
“It would be cheaper to buy this and pay for the upkeep than it would be to rent it,” said Hal Lehrman, Brooklyn Properties’ principal broker, which has sold sponsor units in the building since the 1990s. “And there is nothing else available in the neighborhood like this. Period.”
Also, Lehrman added, with the sale of just three more sponsorship units – which is expected to happen this year – the co-op will finally go halfway, likely pushing values skyward.
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