A monthly state of the housing market — the neighborhoods to watch (or avoid), the insanely expensive sales around town (plus the few unexpectedly affordable options), and the open houses that draw hundreds.
Scenes from Two Frenzied Open Houses
Specs: 1-Bed, 1-Bath
Andrea Anzaldo represents five apartment buildings on a quiet, tree-lined stretch of St. Johns Place, minutes from the Brooklyn Museum. In 2020 and 2021, some of those apartments sat vacant long enough that she offered concessions. But on the second weekend of August, the Douglas Elliman agent held an open house for one of those one-bedrooms that drew a line of about 200 people that stretched around the block, down Washington Avenue — a first in her career. “Rents have gotten so high they just can’t afford it, and someone in that situation making less than $100,000 a year — this is what they can afford and, quite frankly, it’s the apartment they deserve.” The apartment is truly nice, she says: 800 square feet, with lots of light, parquet floors, and a kitchen rarely seen in a New York rental — a separate room, with Midwestern amounts of cabinetry. Anzaldo credits the line around the block not just to the $2,037 monthly rent, but to a lack of other options. At this point in August, she would normally juggle about 30 listings but now has only a few. “It’s an inventory issue this year,” she said. “People are just really desperate.”
Too Good to Be True?: Is this four-bedroom co-op under $500,000 a good deal?
The apartment: This four-bedroom, two-bathroom apartment at 395 Clinton Avenue in Clinton Hill asking $474,000
Why it’s so cheap: It’s an HDFC co-op, an income-restricted building that gets a tax break in exchange for only selling to buyers under certain income levels.
Income restrictions: A family of four has to make $169,440 or less
Occupancy requirement: At least four people have to live there
Square footage: 2,200 — enormous by New York standards, but only an estimate
Value: Way below the market at $212 per square foot. (The Clinton Hill Co-ops, a market-rate complex of one- and two-bedroom apartments, are probably the next cheapest option in the neighborhood and sales there in the last 180 days have averaged $871 per square foot.)
Pros: Eat-in kitchen, all the rooms look fairly large, laundry in the basement
Cons: “Needs some TLC but it’s definitely liveable,” according to the listing. You would have to repaint the lime-green hall, update a few ceiling fixtures, and resign yourself to the dated blue bathroom.
Required deposit: $95,000, plus about $20,000 closing costs
Monthly expenses: $3,837
Verdict: A good deal
More Real Estate News
- Rent Stabilization Isn’t Going to the Supreme Court This Time
- Battery Park City’s Early-Aughts Rentals Go Luxe
- This Week’s Worth-it New York City Listings