For a qualified buyer, this Williamsburg studio is half the normal price for the neighborhood

By Virginia K. Smith | May 23, 2017 - 11:59AM

Normally, you'd be hard pressed to find a studio for sale in Williamsburg for anything under $650,000, so when we first spotted this $360,000 studio on Grand Street, well, needless to say it caught our eye.

And needless to say, there's a catch: The apartment is an income-restricted HDFC co-op, meaning that prospective buyers can't earn more than a certain amount of annual income, and it's possible that the seller or the building is looking for an all-cash deal. (This particular listing is short on the financial details, so you'll need to reach out to the broker to find out if you qualify.)

The apartment is recently renovated, with stainless steel kitchen appliances, attractively refinished hardwood floors, adorable ornamentation along the ceiling, and custom shelving:

The listing notes a large closet, as well, and there's a small, but well-lit, sleeping alcove, meaning you won't have to make do with a pull-out couch, as is the fate of many studio dwellers.

Though there isn't room for a bathtub, we like the fresh finishes, tiling, and natural light in the bathroom.

The building itself is located near the Lorimer-Metropolitan L and G train station, and notes that pets are allowed with board approval. If you eventually sell, you'll be faced with a 30 percent flip tax, which must be paid in cash. (Not an uncommon stipulation for HDFCs, which generally try to discourage flipping to maintain their affordability.)

Depending on the financial details (which the listing notes are forthcoming), this apartment could be a dream come true for a first-time buyer hoping to put down long-term roots in the neighborhood.

Co-ops Buy a co-op at a discount: All about HDFCs and how to get one

Buy Affordable Housing Why are rich kids able to buy affordable HDFC apartments?

The Market How I found my $386K HDFC apartment after a three-year search

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