Williamsburg‘s popularity has soared in the last decade as young professionals are drawn by the hip, cool vibe and easy access into Manhattan. According to the StreetEasy Data Dashboard, the neighborhood’s median sales price has risen 78% in the past nine years. That’s why our Deal of the Week is worth a look. Located at 140 Scholes St. #4B, this 2-bedroom condo for $650,000 has lots of great features, including its own in-unit washer and dryer.
The Price: $650,000
Buyers who pay the minimum 20% downpayment of $130,000 can expect to see monthly mortgage payments of around $2,840. This includes a mortgage payment of $2,465, an extremely low common charge of $375 and $0 payment in taxes. That’s right — you pay zero taxes until 2025 when a tax abatement expires.
The median asking price for an apartment in Williamsburg is $1,349,500, according to the latest StreetEasy Market Report. That puts our Deal of the Week at about half the median asking price for the neighborhood. Not bad!
Why You’ll Love It…
There are many things to like about this condo. For starters, it has been updated and the space is light-filled thanks to its large casement windows with southern exposure, 9-foot ceilings, and light-colored hardwoods.
An open floor plan fits all the regulars, including a couch, coffee table, armchair, TV and dining set. Attractive stainless-steel appliances and plenty of modern cabinetry line the kitchen, as well as a dishwasher and full-size washer and dryer.
White, wide-plank tiles surround the entire spacious bathroom and it has a deep soaking tub.
This prewar co-op building has 10 units and was gut-renovated in 2008. The unit has central air conditioning and comes with an additional 46 square-foot storage unit within the building.
The L stop at Montrose Avenue is right nearby, providing quick and easy transportation into Manhattan. The J, M, and G trains are all also within walking distance. There’s also plenty of great restaurants, bars, and cafes nearby on both Montrose and Grand.
… And Why You Might Not
This isn’t a true 2-bedroom apartment since the second bedroom doesn’t have a window. It does, however, have glass-paneled French doors that face a window, which will allow light to reach the room. Also, this apartment is on the fourth floor of a fifth-floor walk-up, so buyers must commit to a bit of a trek.
For freedom of use, there aren’t any policies listed for subletting, or pied-à-terre use, so be sure to ask the agent for clarification.
Lastly, there will be a tax abatement issue to deal with when it expires in 2025. (Read more about expiring tax abatements.)
But for those looking to buy in Williamsburg and want a second smaller bedroom, this one is right on the money.
Check out the listing at 140 Scholes St. #4B, listed by Sharon Cohen of Compass.