Greenwood is often overshadowed by its northern neighbor, Park Slope, but this Brooklyn nabe has plenty going for it—from abundant green space to a convenient commute to Manhattan. While prices are lower than those in Park Slope, they’re on the rise. However, there are still deals to be found in Greenwood, like 805 5th Ave. #6A. Our Deal of the Week is a newer condo that doubles its square footage thanks to a private terrace and balcony!

The Price: $515,000

The median asking price for a home in Greenwood was $1.5 million as of May, according to the StreetEasy Data Dashboard. That means our Deal of the Week is priced at about a third of the median asking price for the neighborhood!

Buyers who stick with the 20% minimum down payment of $103,000 can expect to see monthly payments of $2,706. This includes a mortgage payment of $2,425, common charges of $276, and monthly taxes of $5. It’s also less than the median asking rent for the neighborhood, which sat at $3,000 this May.

Why You’ll Love It…

We must start with the obvious: the sheer amount of outdoor space you get with this condo. While there are abut 579 square feet of indoor space in the condo, the balcony and terrace add about 645 square feet combined! From the living room, you can step onto the wrap-around balcony that overlooks the city skyline. The balcony was waterproofed and resurfaced this year, so it’ll remain in tip-top shape! Then, ascend a spiral staircase to the private rooftop terrace which can fit plenty of furniture and outdoor cooking equipment.

Inside, oversized windows let in tons of light all day from the southeast and southwest. In the kitchen, you’ll find stainless steel appliances, including a dishwasher. As if that weren’t enough, there’s a washer and dryer tucked into the kitchen closet!

The unit also boasts tons of storage. The bathroom has both shelving and a medicine cabinet, and the bedroom has a wall-length closet. If you need even more storage, there’s also a locked closet in the hallway and a designated storage cage in the basement.

This elevator building was built in 2010 with all the necessities. It’s pet-friendly, offers bike storage, and has a tax abatement running through 2035! Greenwood Cemetery is just across the street, and the D, N, and R trains are less than a quarter-mile away.

… And Why You Might Not

While 579 square feet is decent for a one bedroom in NYC, it may not be enough space for everyone. You might struggle to fit a formal dining set in the living area—although you won’t be short on room to eat outside! The built-in A/C units might not be everybody’s cup of tea, but at least you won’t have to lug in your own window units.

If you’re looking to buy in Brooklyn for under $550K, be sure to check out this Greenwood find!

Check out the listing at 805 5th Ave. #6A, listed by Michael J Carroll of Brown Harris Stevens.