It’s no secret that New York City is among the most expensive places to live in. Just take a look at our latest study. This month, good ol’ Gotham was crowned “Least Affordable City” for the first time since RealtyHop started tracking housing affordability back in February 2019.
It’s not quite a shocker, considering the median real estate listing in N.Y.C. is a whopping $988,000. But if you’re looking to buy a studio or one-bed/one-bath, there are some gorgeous homes out there that cost up to 27% less!
If that’s the case, we plucked a few options for you to consider. Perhaps Crown Heights, Hunters Point, Gramercy Park, Downtown Brooklyn, or Greenwich Village could be your next neighborhood.
Conveniently situated at the crossroads of Crown Heights and Prospect Heights, 906 Bergen Street is a newly developed boutique condominium with 3 stories and a total of 18 residential units. The south-facing unit 3C features ample natural sunlight, floor-to-ceiling windows, an open kitchen layout with a dining area, as well as a 86 sqft terrace. Investors who are interested in buying the unit as an income-producing property can expect a 2.23% cap rate based on an estimated rental income of $2,255 per month.
47-01 Vernon Boulevard, often known as Vernon47, is a boutique condo building with 15 residential units. Apartment #2A features white oak flooring, floor-to-ceiling windows, in-unit LG washer and dryer, heated flooring in the bathroom, a kitchen with oak veneer cabinets, and sleek white quartz countertop, as well as a 34-sqft balcony with a breathtaking view. Best of all? This building comes with a 15-year 421-A tax abatement. The floorplan is available here and schedule a tour this weekend.
Located in one of the most livable and desirable neighborhoods, Gramercy Park, 7 Lexington Ave, also known as Park Gramercy, is a 12-story, 97-unit condop residential building boasting beautiful city views through the roof deck and proximity to subway including 4/5/6, N/Q/R/W, and the L trains. Unit #5F features natural northern light, an expansive foyer, ample closet space, a decent-sized home office, and incredible tree-lined views. This unit was first sold for $635,000 in June 2014. After 5 years, it’s now back on the market for $799,000 with estimated monthly maintenance of $1,390.
Next up, 150 Myrtle Ave #503, a one-bedroom, one-bathroom apartment in Downtown Brooklyn. Spanning 673 sqft, Unit 503 offers great storage space, high ceilings, and floor-to-ceiling windows. Facing Myrtle Avenue, the apartment is the most tranquil corner of the entire building. For buyers looking for top-notch building amenities, 150 Myrtle Avenue, or Toren, gives you everything you’ll ever dream of, including garage, bike storage, heated indoor swimming pool, a yoga studio, and an open, sunlit roof deck. This unit could potentially generate $32,940 per year in profit after factoring in an estimated rental income of $3,525 per month, low monthly maintenance of $970, and the $20/month property taxes thanks to the 421-A tax abatement.
Conveniently situated just two blocks south of Washington Square Park, 211 Thompson Street #4L is truly a gem. A newly renovated triplex, Unit 4L was meticulously carved out to accommodate generous closet space, a bedroom that fits a home office area, and a kitchen with a breakfast bar and ample counter space. It also includes a Juliet balcony with an east-facing view of greenery. Worried about laundry? While this unit doesn’t have washer/dryer hookups, you can find building laundry on every floor.
Keep up with the latest price fluctuations by neighborhood — specifically the highest price drops by median percentage, median dollar value, and street address — and check out RealtyHop’s latest NYC Price Drop Report!