Like New York City, the real estate market is slowly starting to recover, with hundreds of new apartment listings posted each day. With some industry experts calling it a buyer’s market due to an increase in inventory citywide, we’re taking a look at some of the best deals for apartments on the market that are listed for under $500,000. From a spacious two-bedroom with a balcony and an outdoor pool in Riverdale to a charming studio with unique architectural details in Prospect Heights, find out what $500,000 can get you in NYC right now.
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Photos by VHT, courtesy of The Corcoran Group
This townhouse clad in zinc and Brazilian Ipe definitely doesn’t look like the rest in Prospect Heights, and that may be its biggest selling point. The modernist single-family home is like a secret hideaway in the middle of Brooklyn–enter through the gate on Underhill Avenue and find yourself in a landscaped corridor/front yard complete with bamboo, native grasses, and hydrangeas. Pair it with the sleek contemporary interiors, and this home earns its $1,750,000 price tag.
Photos by Allyson Lubow, courtesy of The Corcoran Group
No matter how big or small, we could all use a work-from-home nook these days, and this lovely little studio in Prospect Heights has a perfect one. It also has a cool mix of industrial and old-world architectural details, including tin ceilings, exposed brick, and carved wooden window and door frames, along with creative, modern updates throughout. Located at 675 Vanderbilt Avenue, the co-op is asking $449,000.
Photo credit: Tina Gallo for The Greg Mire Team, Compass
The stand-out feature of this $3,495,000 Prospect Heights townhouse is the variety of woodwork found throughout, from the restored original carved staircase to fun new features like red-and-white oak flooring repurposed from Carolina horse barns and a terrace made from NYC water tower wood to the gigantic herringbone wall in the kitchen. On the practical side, the home at 154 Underhill Avenue is configured as an owners’ duplex with an income-generating, garden-level rental. There’s a beautiful backyard, as well as a front garden and terrace, along with plenty of other fun and functional touches.
A lottery launched on Tuesday to replenish a 100-name waitlist for income-restricted units at two rental buildings in Brooklyn. Located at 816 Washington Avenue and 615 Sterling Place, the buildings straddle the neighborhoods of Prospect Heights and Crown Heights, just a short walk from the Brooklyn Museum and the Botanic Garden. New Yorkers earning 80 and 130 percent of the area median income can apply for the apartments, which range from $701/month studios to $3,943/month four-bedrooms. Eligible applicants will be randomly selected and placed on the waitlist for future vacancies. Find out if you qualify
Renderings of park courtesy of MNLA
Developer TF Cornerstone this week released new renderings for two sites within Brooklyn’s long-delayed Pacific Park development that have yet to break ground: 615 and 595 Dean Street. Their plans will bring 72,600 square feet of public open space with community amenities, 800 units of mixed-income housing, and retail to Pacific Park. In addition, Chelsea Piers is set to open a Field House that will offer a wide range of family and youth-focused programming when the site opens in 2023.
Dustin Pittman. Stroke of Midnight at Studio, 1978–79. Photograph, 15x 20 in. (38.1 x 50.8 cm). Courtesy of the artist. © Dustin Pittman
An exhibition opening at the Brooklyn Museum next year will explore for the first time the enduring impact of Studio 54. Opening in March, Studio 54: Night Magic examines the influence that the disco-era nightclub continues to have on design, cinema, and fashion today. Iconic photography and roughly 650 objects, including drawings, paintings, music, and decor, will be on display.
Rendering of Athena North courtesy of Marvel Architects
A lottery opened this week for 114 mixed-income units at buildings that border the neighborhoods of Clinton Hill and Prospect Heights in Brooklyn. The newly constructed buildings are located at 909 Atlantic Avenue and 1043 Fulton Street, dubbed Athena South and Athena North, respectively. The affordable housing comes as part of the Hudson Companies’ redevelopment of the Brooklyn Heights branch of the Brooklyn Public Library, which sits in the developer’s new 38-story tower, One Clinton. Qualifying New Yorkers earning 60, 80, and 130 percent of the area median income can apply for the units, ranging from a $896/month studios to $2,952/month three-bedrooms.
A rental tower in Brooklyn’s long-plagued Pacific Park development is currently accepting applications for its affordable housing waitlist. The 363-unit building at 461 Dean Street opened in 2016, with its affordable housing lottery launching that same year. Three years later, the building’s lottery waitlist has opened, inviting New Yorkers earning 160 percent of the area median income to apply for the not-so-affordable $2,025/month studios and $2,541/month one-bedrooms.
At only 300 square feet, this Prospect Heights studio is very small, but its thoughtful design doesn’t miss a thing. The co-op at 400 Lincoln Place last sold in 2012 for only $85,000 and has been almost entirely reimagined since then. A custom built-in Murphy bed, storage solutions throughout, and a sleek stainless kitchen earn its $339,000 price tag.