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Most Affordable Brooklyn Heights Co-Ops Still More Expensive Than on UES

By Alexandra Leon | November 25, 2016 9:35am | Updated on November 28, 2016 8:14am

BROOKLYN HEIGHTS — The cheapest properties to own in Brooklyn Heights are still more expensive than those in prime Manhattan neighborhoods like the Upper East Side.

The 10 most affordable market-rate properties in Brooklyn Heights are co-ops ranging from $575,000 to $699,000, according to data compiled by the real estate research and analytics site NeighborhoodX.

By comparison, the 10 most affordable market-rate properties on the Upper East Side range from $399,000 to $539,000, according to NeighborhoodX. 

Its latest analysis of Brooklyn Heights properties shows that listings at 24 Monroe Place (a pair of one-bedroom co-ops asking $575,000 each) and 40 Clinton St. (a one-bedroom co-op asking $605,000) are among the cheapest in the neighborhood. 

Of the 10 most affordable market-rate properties in Brooklyn Heights — which owes its desirability to its historic charm and proximity to Manhattan — the two most expensive are one-bedroom co-ops at 75 Henry St. and 70 Remsen St., asking $699,000 each, the analysis states. 

Meanwhile, the most affordable market-rate property on the Upper East Side is a one-bedroom co-op at 332 East 77th St. going for $399,000, according to NeighborhoodX.  

Of the 10 most affordable properties on the Upper East Side, the most expensive is a one-bedroom co-op at 345 East 77th St. asking $539,000.

The data did not take studios into account because they are “not viable as long term residences,” NeighborhoodX co-founder Constantine Valhouli said. 

While Brooklyn Heights is among the most expensive neighborhoods for owners in Brooklyn, the site's analysis shows that entry-level prices for home ownership are evening out across the board in Brooklyn, Valhouli said.

Nearby neighborhoods like Cobble Hill and Carroll Gardens also have starting prices in the high $500,000s, Valhouli said.

And the prices only go up from there.

“This represents only one section of the neighborhood,” Valhouli said of the Brooklyn Heights co-ops. “The prices go from expensive to really expensive to ‘Oh my God, I really can’t believe that number.’”

As prices continue to rise across north and northwest Brooklyn, prospective buyers will keep moving further into the borough, Valhouli said.

“New York City as a whole has become more desirable in last 15 to 20 years,” he explained. “As a result, people will keep being priced out of familiar neighborhoods and forced to consider neighborhoods that are further out as a viable alternative.”