What You’ll Get in NYC for $875,000
New York City hosts the country’s fourth least affordable housing market, forcing buyers to carefully asses their budget and search criteria during the buying process. Buyers looking for larger apartments with multiple bedrooms can still find appealing options. The following units under $875,000 include pre-war charm, in-unit laundry, and private outdoor space. 77 W 55th Street #3E Manhattan, NYPRICE$875,000BED2BATH1TYPECondoNEIGHBORHOODMidtownBOROUGHManhattanThis spacious two-bedroom provides an attractive opportunity for Midtown workers who prioritize a short commute. Owners will find two closets immediately upon entering the foyer, then turn right into the oversized living room with multiple windows. The windowed kitchen separates the two bedrooms and boasts stainless steel appliances, a dishwasher, and plenty of cabinet and counter space. Residents can use the smaller bedroom for various purposes, such as an at-home office or dining room. More closet spaces rest around the unit, with two closets off of the bathroom and an additional larger closet in the primary suite. This home resides in the Gallery House, a luxurious building with 184 units that presents sweeping views of the Manhattan skyline and Central Park. Throughout the building, residents can take advantage of amenities like a roof deck, parking garage, and laundry facilities.702 45th Street #3L Brooklyn, NYPRICE$849,000BED3BATH1TYPECo-opNEIGHBORHOODSunset ParkBOROUGHBrooklynFamilies will find plenty of space to spread out in this three-bedroom co-op that is steps away from Sunset Park. This renovated home includes a modern kitchen with stainless steel appliances, butcher block counters, and space for barstool seating. Owners will find a wall of built-in bookcases in the living room, complete with multiple windows and dark hardwood floors. This room can remain as a living room space or convert to a bedroom, at-home office, or other recreational space. The remaining two bedrooms sit on opposite sides of the home, and the primary bedroom includes a spacious closet. Residents will acquire additional storage space within the home and live in a quiet building with bike storage, laundry facilities, and a live-in super.37-16 80th Street #42 Queens, NYPRICE$875,000BED2BATH1TYPECo-opNEIGHBORHOODJackson HeightsBOROUGHQueensThis bright and welcoming co-op is ready to welcome new owners. The two-bedroom unit includes plenty of space with a living room, dining room, and separate home office, making this an appealing option for those who work at home. Owners will find two large windows and a wood-burning fireplace in the living room and plenty of space for a full dining room set off the kitchen. The renovated kitchen features custom cabinetry with quartz countertops, updated appliances, and a large exposed wooden beam. Each bedroom boasts enough space for plenty of furniture and includes closet space and ceiling fans. Pre-war charm flows throughout the home with hardwood floors, high-beam ceilings, and crown molding. Residents will find bike storage, laundry, and private storage in the basement, then walk through the complex to find gardens and outdoor seating. This unit has a low cap rate of 2.49%.129 E 82nd Street #8A Manhattan, NYPRICE$875,000BED2BATH1TYPECo-opNEIGHBORHOODUpper East SideBOROUGHManhattanProspective buyers who are in the market for a classic Upper East Side pre-war home can consider this two-bedroom in a well-maintained building. The unit features original hardwood floors, high-beamed ceilings, and molding throughout. Upon entering the residence, owners can enter the kitchen or living room with in-unit laundry, plenty of windows, and space for a dining table. The bedrooms reside on the other side of the co-op and offer multiple closets and similar-sized floorplans. Buyers will gain access to the building’s additional amenities like a full-time doorman, live-in super, laundry facilities, and an eye-catching lobby. This unit is new to the market and rests a few blocks from Central Park and the Metropolitan Museum of Art.500 4th Avenue #5D Brooklyn, NYPRICE$865,000BED1BATH1TYPECondoNEIGHBORHOODGowanusBOROUGHBrooklynBuyers looking for a luxurious unit can consider this modern and oversized one-bedroom with access to various building amenities. The front door opens into the sprawling open-concept kitchen and living room space that features floor-to-ceiling windows and light hardwood floors. At-home chefs will enjoy marble countertops and stainless steel appliances, including a wine fridge and dishwasher in the kitchen. Owners will walk past the laundry closet into the bedroom, which features additional large windows and a walk-in closet. Throughout the apartment, residents can appreciate central heating and cooling, a luxurious bathroom, and a balcony with city views. Residents can explore the remainder of the building to find a fitness center, a private screening room, and a landscaped terrace. This building sits near Prospect Park, and the unit has a low cap rate of 3.02%.The post What You’ll Get in NYC for $875,000 appeared first on RealtyHop Blog.
Addressing NYC Housing Affordability: What We're Doing, and What Landlords Need to Know
For nearly two decades, New York City landlords and real estate agents have been using the StreetEasy® platform to list their properties and reach our shared target audience: renters. Meanwhile, the city faces a severe housing affordability crisis that is exacerbated by the current broker fee system. Zillow® data shows that on average, to move into an apartment, New York renters need to pay upwards of $10,454 in upfront costs - the largest portion of which are broker fees.We strongly value our relationships with landlords who provide New Yorkers with much-needed housing. And though it's just one contributing factor to NYC's affordability crisis, the need for broker fee reform is clear, immediate, and salient. Together, we can build a new and modern system that works better for all parties involved.To address the affordability crisis, StreetEasy and Zillow are working with legislators to help mitigate upfront costs such as broker fees and security deposits. Other efforts include championing increased housing supply, and combating housing discrimination. Additionally, through partnerships between StreetEasy, Zillow, and landlords, there's an opportunity to modernize the New York City housing market, incorporate recent technology innovations, and improve millions of New Yorkers' ability to move into a new apartment. Learn more about our efforts, and what you should know as a landlord in NYC.Our Priorities for Improving NYC Housing AffordabilityReforming the current broker fee model is just one part of our broader efforts to address NYC's housing affordability crisis. We're actively working with legislators to bring about policy changes in these four areas:Lowering upfront costs: In addition to broker fee reform, allow tenants to pay their security deposit in installments rather than in full, which can significantly lower the burden of upfront costs.Increasing housing supply: Alleviate housing shortages by adopting zoning laws and tax incentive programs that bolster housing development across income brackets, especially in hard-to-develop areas, including ADU/basement-apartment conversion and commercial-to-residential conversion.Reducing friction in the process: Empower renters by strengthening enforcement of Fair Housing laws and allocating resources to increase education and tenant outreach regarding their rights.The Need for Broker Fee ReformReshaping broker fees is crucial to our larger goal of making it easier and more affordable for New Yorkers to move into a new home. The current system does not serve the best interests of all parties involved, and needs legislative reform.Renters are often asked to pay for a service that is ultimately being provided to the landlord, and the process can lack transparency. Furthermore, the significant cost of broker fees - usually equivalent to one month's rent or a percentage of the annual rent - leaves many renters unable or unwilling to sign a new lease, and pressures landlords to offer concessions to attract new tenants. By taking steps toward legislative action, StreetEasy and Zillow are doing what we can to make living in (and moving within) New York City a reality for more people.What We Believe StreetEasy and Zillow are supporting comprehensive legislation to address the NYC housing crisis, with the goal of increasing access, transparency, and affordability. Put simply, broker fees should be paid by the party who first engaged the broker, to whom the broker is providing services (in most cases, the landlord). Through our efforts, we're proposing the following:Hiring party pays. Agents should always be compensated for their work. Renters should only have to pay if they hire an agent. If a renter does not hire a broker, paying a broker fee should not be a condition of signing a lease.Ban single agent dual agency. A single agent should only represent one side of a rental or sales transaction, preventing what is known as “single agent dual agency,” which the state already discourages. Consumers should have a dedicated real estate professional in their corner representing their interests. The practice of a single agent representing both the renter and the broker harms consumers - similar to hiring the opposing party's attorney to represent you in a lawsuit. This practice is banned in many other states. New York should do the same. Written agreements. If an agent is representing a renter, there should be a written contract reflective of this relationship in advance of fees being paid. All fees should be transparent and negotiable. No discrimination against renters who are not represented. A buyer or renter is not required to obtain representation from an agent as a condition of a real estate transaction.Other EffortsOutside of broker fees, we're advocating for policy changes to address other factors hindering affordability and mobility in the NYC market. These include insufficient housing supply, zoning regulations that limit housing development, and housing discrimination. Learn more at advocacy.zillowgroup.com.Our efforts in these areas include: partnering with fair housing advocates such as the Fair Housing Justice Center, Enterprise Community Partners, and the Center for NYC Neighborhoods (CNYCN) as well as industry groups like the New York State Association of Realtors (NYSAR), Hudson Gateway Association of Realtors (HGAR), and Long Island Board of Realtors (LIBOR) to push for resources and legislation to combat housing discrimination statewide; and signing the City of Yes letter and joining the Yes to Housing Coalition.Opportunities for LandlordsStreetEasy and Zillow are open and enthusiastic about working together with landlords to create a better system for all. We welcome new and innovative technology solutions in the rental space, such as those enabling renters to pay their security deposit in installments while ensuring landlords are protected. In serving NYC renters, buyers, and sellers looking for their next home, we're committed to fostering relationships that allow landlords to continue housing millions of New Yorkers.Interested in partnering with us on our efforts to address NYC housing affordability? Fill out this brief form. StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses.
What to Know About Living in Sunset Park, Brooklyn
You've likely heard of Central Park and Prospect Park… but what about Sunset Park? This idyllic Brooklyn spot provides lush, steep hills that give way to breathtaking Manhattan views. The surrounding neighborhood (of the same name) has a long-standing history of welcoming different groups of immigrants to settle among its bustling streets. The result is a delightful mix of cultures, with delicious food and charming architecture to boot. And with a plethora of both rental and sales offerings with unique historic charm, it's no wonder that Sunset Park made our list of NYC Neighborhoods to Watch in 2024. Intrigued but don't know exactly where to start? You've come to the right place! We've got everything you need to know about the underrated Brooklyn neighborhood below. Table of ContentsWhere is Sunset Park?Sunset Park is a neighborhood located in the borough of Brooklyn. It is bordered by Greenwood (sometimes called Greenwood Heights) to the north, Borough Park to the east, Bay Ridge to the south, and the New York Harbor (or Upper New York Bay) to the west. Some maps will extend Sunset Park's boundaries slightly northwest to include Greenwood, too. Why is Sunset Park Such a Great Place to Live?To get a sense of why Sunset Park is such a special place to live, we spoke to Tim Stanard, a Licensed Associate Real Estate Broker with Corcoran and a StreetEasy Expert. In addition to being a highly experienced professional helping renters and owners discover the unsung neighborhood, Stanard himself was a longtime resident of what is now the Sunset Park South Historic District. Who better to give us the 411 on the area?One of the biggest and obvious draws of Sunset Park is its relative affordability. As Stanard describes, "[It's] a great choice for first-time home-buyers, and others who may have been priced out of neighborhoods such as Park Slope." But don't make the mistake of thinking that living in Sunset Park means settling for less. Sunset Park offers access to nature, different cultures, and dynamic recreation that rivals that of its more expensive counterparts to the north. "The park itself, which has some of the most spectacular city views you’ll find anywhere, plus a community swimming pool, is of course the centerpiece of the neighborhood. The vibrancy on the streets, with so many different cultures represented, is quintessential Brooklyn," asserts Stanard. Aerial view of Sunset Park, Brooklyn featuring Saint Michael’s Roman Catholic ChurchWhat's more, Sunset Park is easily accessed via public transportation, most notably the N train and the B9 and B63 buses. Plus, as Stanard points out, "On the southern end [of the neighborhood] you’ve got the NYC Ferry at 58th Street." While extremely well-connected to the rest of Brooklyn and other boroughs beyond, Stanard is quick to point out the "strong community feeling" contained within Sunset Park's borders.Historical Architecture of Sunset ParkNowadays, the neighborhood is making strides to preserve and honor its distinctive history, especially as it pertains to its stunning architecture. Stanard takes care to shout out the tireless campaign efforts by local residents, which, in 2019, resulted in "four areas within Sunset Park [being] designated as historic districts." These four areas are known as Central Sunset Park Historic District, Sunset Park South Historic District, Sunset Park North Historic District, and Sunset Park 50th Street Historic District. "This demonstrates what many of us - homeowners and real estate agents alike - have long known: that Sunset Park has truly gorgeous housing stock, which is often underappreciated," Stanard says. Sunset Park Rentals Under $2,800 On StreetEasy Article continues below Sunset Park 472 41st Street $2,100 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Sunset Park 4600 Ninth Avenue $1,594 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Sunset Park 4600 Ninth Avenue $2,419 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Sunset Park 679 48th Street $2,200 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Sunset Park 442 63rd Street $2,395 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 3 Sunset Park 5202 Fifth Avenue $2,195 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Sunset Park 422 61st Street $2,600 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Sunset Park 441 63rd Street $2,500 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Sunset Park 141 57th Street $2,200 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Sunset Park 5723 Fifth Avenue $2,200 No Fee beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Sunset Park 6217 Fifth Avenue $2,600 No Fee beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Sunset Park 442 63rd Street $2,400 No Fee beds@1.5x Created with Sketch. Studio | bath@1.5x Created with Sketch. 1 Renting in Sunset ParkWhen it comes to the types of homes for rent in Sunset Park, Stanard sees a specific trend throughout: "Most rental inventory consists of floor-through rentals in 2-family homes; typically the top floor, but sometimes the garden level." This intimate arrangement tends to foster more camaraderie and connection than you'd find in a large apartment complex, for example. As Stanard explains, "This creates a real sense of community since the homeowner generally lives in the duplex, and in many cases the same family has lived in the home for many years, or even decades." Renting such an apartment in Sunset Park thus allows residents to become directly enfolded into a rich neighborhood history. As far as pricing goes, the median rent in Sunset Park runs about $2,500 per month, a figure based on January 2024 data. "Rents have gone up here as they have everywhere in the city," Stanard admits. "But compared to the Brownstone Brooklyn neighborhoods north of Sunset Park, the rents are much more reasonable." We're not mad about that! Buying a home in NYC is unlike buying a home anywhere else. Chat with our licensed StreetEasy Concierge for a free consultation to get prepared.GET STARTED Buying in Sunset ParkWhen asked about the common types of homes for sale in Sunset Park, Stanard calls attention to the "strong collection of turn-of-the-century intact and well-preserved townhomes." Also of note are the Finnish co-ops, multi-family cooperatives built in the early 1900's. Stanard finds a lot of value in these unique offerings "because they were originally built as co-op homes, not as rental apartments that were later converted, as the vast majority of co-ops throughout the city were. They are still operated as true cooperative housing: subletting is not permitted and the owners work together to run their buildings, creating a true sense of community." According to the StreetEasy Data Dashboard, the median asking price in the neighborhood was $1.5 million as of January 2024, though home shoppers can find options at a wide range of price points. Sunset Park Homes Under $850K On StreetEasy Article continues below Sunset Park 5805 Seventh Avenue $720,000 beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Sunset Park 238 56th Street $599,900 beds@1.5x Created with Sketch. 3 | bath@1.5x Created with Sketch. 1.5 Sunset Park 355 53rd Street $638,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Sunset Park 355 53rd Street $630,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Sunset Park 355 53rd Street $792,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 2 Sunset Park 238 56th Street $628,000 beds@1.5x Created with Sketch. 4 | bath@1.5x Created with Sketch. 2 Sunset Park 4006 Seventh Avenue $599,000 beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Sunset Park 531 52nd Street $680,000 beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 2 Sunset Park 843 54th Street $688,000 beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Sunset Park 843 54th Street $718,000 beds@1.5x Created with Sketch. 2 | bath@1.5x Created with Sketch. 1 Sunset Park 843 54th Street $645,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Sunset Park 843 54th Street $628,000 beds@1.5x Created with Sketch. 1 | bath@1.5x Created with Sketch. 1 Parks and Green SpacesThe neighborhood namesake is obviously the highlight here: Sunset Park is a public park that covers a sweeping 24.5 acres between Fifth and Seventh Avenues from 41st to 44th Streets. Beyond your standard green space, the park offers walking paths, a sand volleyball court, and a gorgeous public swimming pool that's open in the hot summer months. Not to mention the impressive views of the New York Harbor, Lower Manhattan, parts of Brooklyn, and even the Statue of Liberty. Whether you count Greenwood as part of Sunset Park or not, it's hard to miss the massive and historically-significant Green-Wood Cemetery. Dating back to 1838, the cemetery is the final resting place of famous people like artist Jean-Michel Basquiat and baseball enthusiast Henry Chadwick. Entrance is always free and there are guided tours available to book.Autumn in Green-Wood Cemetery, BrooklynWhat to Eat, Drink, and DoSunset Park's culinary scene is as widely celebrated as its natural and architectural wonders. Due to its large population of Asian and Hispanic immigrants, you'll find everything from dim sum to Ecuadorian baked goods to hot pot. Stanard has a few tried-and-trues that he loves to frequent: "Two of my favorite spots are Yafa Cafe and Slimak."And of course we'd be remiss if we didn't mention Industry City. This multi-million dollar business park - technically located in Greenwood - consists of 35 acres of space and 16 total buildings. Offices are nestled between shops, restaurants, and bars, making it a convenient one-stop-shop for many Sunset Park residents. A Note About Gentrification and DisplacementAs Sunset Park has been at the epicenter of debates around gentrification and fast-changing demographics in Brooklyn, Stanard encourages hopeful future residents of Sunset Park to do their due diligence to get involved in a meaningful way in order to avoid perpetuating harmful cycles of displacement. "I would say that if people moving into the neighborhood want to engage in their community, get involved, be a part of, and foster the neighborly feeling that exists here, it is a wonderful thing." Looking to buy, sell, or rent in NYC? Get Started with StreetEasy StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. All third-party product, company names, logos and trademarks remain the property of their respective holders. Use of them does not imply any affiliation with or endorsement.
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