The trifecta of price, character and location come together in this 2-bedroom co-op at 280 St. Johns Place in Prospect Heights. If you’re in the market for a reasonably priced starter apartment, this six-figure co-op checks all the boxes, and offers unexpected bonuses that up the appeal without upping the price.
The Price: $765,000
Prospect Heights has a reputation as Park Slope’s less expensive and more lively next-door neighbor, which makes it a popular choice among first-time buyers. In recent years, increasing popularity and a spate of new construction in the area has seen prices rising across the neighborhood. Right now, the median asking price for a 2-bedroom apartment is just shy of $1.5 million.
This co-op, however, is asking $765,000, a figure well below the going rate in the neighborhood. According to StreetEasy data, the current median asking price for 2-bedrooms in all of Brooklyn is $750,000, which makes this apartment reasonable by the standards of the borough.
With a 20 percent down payment of $149,800, the estimated monthly payments will be about $3,586, approximately $300 above the current median asking rent for a 2-bedroom in Prospect Heights. Financial pluses at this place also include low maintenance fees of $600, no taxes, and no underlying mortgage on the building.
Why You’ll Love It …
We’ve covered the value proposition, so let’s get to the fun stuff. In terms of location, this apartment hits the sweet spot. The co-op at 280 Saint Johns Place is literally steps from Brooklyn’s top cultural destinations, including Prospect Park, the Brooklyn Museum, the Central Branch of the Brooklyn Public Library, and the Saturday Farmers Market at Grand Army Plaza, to name just the obvious ones. Thankfully, however, this stretch of Saint Johns Place is tucked away on a side street near Grand Army Plaza that gets relatively little car and foot traffic. The upshot is a highly central location that offers amazing access to public transport, neighborhood amenities, and culture, while still maintaining a quiet, residential character.
The interiors of the apartment balance prewar charm with some modern amenities. Crown moldings and hardwood floors offer a classic elegance, while a full wall of street-facing windows ensures plenty of natural light. The main living room has an open floor plan, with plenty of room for an entertaining area and a dining table. The windowed kitchen opens directly onto the living room, and features lots of counter space and updated finishes and appliances.
The bedrooms each have south-facing windows and ample closets. A washer and dryer in the master bedroom is an unexpected, but much appreciated, amenity. The walk-in storage space in the basement is nice, but the best part is that it comes at no extra cost.
… And Why You Might Not
The apartment is on the third floor of a prewar walk-up building. The building does not offer any additional amenities, aside from storage in the basement, and the unit does not have central air-conditioning. But of course you can’t have everything, and what you get here is space, price, and location at a quite reasonable (by local standards) price.
See the listing on StreetEasy: 280 St. Johns Place #3A, Brooklyn, represented by Justin Dupree of Corcoran.
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