Buy Curious

Buying in Greenpoint: What's available? And for how much?

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Greenpoint's popularity continues to grow, and with it the number of buyers looking to snag apartments in the area—G train woes notwithstanding. In this week's Buy Curious, Douglas Elliman broker Mary Crocker delves into what you'll get for the money.

THE WISH LIST:

I’ve been renting in Greenpoint for three years, and I’m ready to buy. I’d like to stay in the neighborhood, but it seems that prices have been rising like crazy. What are some options for getting something affordable here? How much should I expect to pay?

THE REALITY:

Greenpoint is still cheaper than its arguably trendier cousin to the south (Williamsburg, of course), but it’s not necessarily easy to find something “affordable” in this North Brooklyn ’hood.

For example, you won't find any one-bedrooms on the market right now for under $500,000, and there isn’t much more if you’re able to spend closer to $600,000. Over the last four months, one-bedrooms have gone on sale for between $599,000 and $849,000, while two-bedrooms ranged from $895,000 to just shy of $1.3 million.

Many of these apartments are newish condos—built during the housing boom between 2006 and 2010—and show the wear and tear of four to eight years of living. Co-ops are few and far between. Additionally, most developments are on the smallish side, ranging from seven to 24 apartments, and the extras are not the super swanky options you’d find in Williamsburg. (Expect elevators, shared roof decks and maybe a small gym, rather than Olympic-sized pools and spacious residents’ lounges.) Indeed, the only condo building in Greenpoint that has a full set of amenities—a doorman, gym, roof deck and bike room—is the Pencil Factory at 122 West Street. (Nothing in the building is currently for sale, but a penthouse with a $989,000 price tag is in contract.)

If you’re looking for something more private, Greenpoint does have a mix of townhouses, including some that have a rental (or three) to help offset monthly costs. Townhouses will generally set you back between $1.35 million to $2.5 million, although a two-family house with a garage at 25A Vandam is on offer for $950,000.

Regardless, if you can hold off on buying for another year or two, you’ll likely have a lot more options for brand new condos, as a number of new apartment buildings are either planned or underway in the neighborhood. Examples range from conversions of small warehouses to Greenpoint Landing, the 10-building behemoth planned for the waterfront.

Eager to move to Greenpoint?

Greenpoint two-bedroom/two-bathroom condo, $949,000: Located at 214 Green Street between Manhattan Avenue and McGuinness Boulevard, this duplex features a private garden and white oak flooring. A 421A tax abatement is in place for another 12 years.

Greenpoint two-bedroom/two-bathroom condo, $1,149,000: This two-bedroom at 128 Newton Street between Manhattan and Graham Avenues has a private elevator, central air and a washer/dryer; a private parking spot is also available.

Greenpoint two-bedroom/two-bathroom condo, $1,099,000: This corner apartment at 12 McGuinness Boulevard South between Broome Street and Driggs Avenue has 10-foot ceilings and a balcony in a building with a terrace, garden, fitness room and parking. A tax abatement is in place until 2025. 

Greenpoint seven-bedroom/three-bathroom two-family townhouse, $950,000: At 25A Vandam Street between Nassau and Meeker Avenues, this two-family brick townhouse has a two-car garage and a tiny lawn out front. It measures roughly 2,600 square feet. 

Related:

How to buy a NYC apartment

12 of the best nabes for recent college grads: 2014 edition

Greenpoint to Carroll Gardens: Better transportation, more charming, more expensive

Buying, renovating or refinancing next year? 5 mortgage trends to watch in 2014 (sponsored)

7 questions to ask about the building before you buy an apartment there (sponsored)


Buy Curious is a weekly column in which NYC real estate brokers help buyers develop a realistic search strategy. Want some advice on your search? Send us your wish list.  

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