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Average price of a Brownstone in Brooklyn?
A five story (2 top floors, main floor, basement, and sub-basement) brownstone in a good neighborhood in brooklyn. One that has a small outdoor area and is in an active and social area. What would be an average price for one of these?
1 Answer
- LJLv 77 years agoFavorite Answer
I own a building in Park Slope, Brooklyn. While it's not technically a "brownstone", it's similar. And many people I know own brownstones. (Though all of us bought our buildings long ago when they were less expensive.)
Brownstones DONT have sub-basements. And, while brownstones in some parts of the city (like the Upper West Side in Manhattan) have 5 floors, most in Brooklyn are only 4 stories of living space. (Some have only 3 stories.) There is always a usable basement, though not all have what are called "finished basements".
Many people have a "garden apartment" that they rent out in order to afford to pay the mortgage on their building. A garden apartment is the apartment on the ground floor, with a door out to the backyard. (Sometimes the entrance is a step or two below grade.) The floors above that would then be living space for the owner.
How much such a house goes for depends a LOT on where the building is located - not just the neighborhood but which part of a particular neighborhood or even which particular block the building is on. It also matters what condition the building is in. A building that required a "gut rehab" will cost much less than one that is in "triple mint" condition.
In a terrible part of Brooklyn you might be able to get a brownstone that needs a "gut rehab" for $750,000. A mint condition brownstone on a "Park Block" in my neighborhood of Park Slope could easily go for 4 million dollars.