Do you value community, calm, and cool cuisine? Then do we have the neighborhood for you! Welcome to Park Slope, Brooklyn, where the streets are endlessly walkable and the vibes are warm and welcoming. Close to Prospect Park and chock-full of historic homes, Park Slope is an idyllic area with a little something for everyone. But how much does it cost to rent your own piece of this peaceful place? And is purchasing a Park Slope brownstone a good future investment? We’ve got answers to these questions — and so many more — below!
Where is Park Slope?
This beautiful, beloved Brooklyn neighborhood is bordered by Prospect Heights to the North, Prospect Park to the East, Gowanus and Boerum Hill to the West, and South Slope to the South. It’s served by 7 total subway lines including the F and G trains, with easy access to 4 additional lines nearby. Not to mention the many buses that cruise through the area, plus the plethora of CitiBike Stations conveniently installed around the park and along residential blocks.
The Many “Micro-Neighborhoods” of Park Slope
Park Slope is a vast and sweeping nabe that offers a multitude of different living experiences depending on where exactly you choose to put down roots.
As Park Slope connoisseur and Licensed Real Estate Salesperson at Compass Jessica J. Perrizo explains, “Park Slope is a huge neighborhood that is actually made up of many ‘micro-neighborhoods’ each with their own vibe.”
When browsing real estate offerings online, you’ll often find listings classified as North Slope, Center Slope, or South Slope. Each of these smaller locales boast distinct aesthetics, leaving unique impressions as you travel from one to the other. Perrizo, a StreetEasy Expert, also points out that “there is…a different feel when you are closer to Prospect Park versus the commercial corridor of 5th Ave.”
So how do you choose which “micro-neighborhood” of Park Slope to make your home? That’s up to you and your personal preferences and needs. But trust us when we say that there’s no wrong choice. As Perrizo assures, “Each area has treasures to uncover.”
Why is Park Slope Such a Great Place to Live?
We spoke to Jessica L Buchman, a Licensed Associate Real Estate Broker with Corcoran and a StreetEasy Expert, to get the scoop on the Slope. In addition to being Corcoran’s #1 Individual Brooklyn Broker, Buchman’s got personal skin in the Park Slope game, as a long-time resident of the neighborhood. She asserts, “the Slope has been a beautiful place to raise a family. Life in the city is extremely hectic and the Slope offers a small village vibe with a strong sense of community and calm.”
Perrizo also emphasizes the relaxing appeal of the neighborhood, specifically calling out the tree-lined streets where you can admire “block after block of stunning brownstones and pre-war buildings with relatively little traffic.”
And, of course, we’d be remiss if we didn’t mention the peaceful proximity to nature. In Prospect Park, “you can escape into a nature walk that makes you feel as though you have just traveled upstate without leaving your neighborhood,” gushes Perrizo.
But don’t make the mistake of thinking that Park Slope is solely sleepy! As Perrizo notes, “if you want a bit more energy…you have 5th Ave and 7th Ave to explore for cafes and boutiques galore.” In other words, Park Slope has it all!
Park Slope Homes Under $1M On StreetEasy Article continues below
Buying in Park Slope
So, what kind of homes can you expect to see on the market in Park Slope? StreetEasy data shows that as of July 2024, 48% of available homes in Park Slope were condos and 22% were co-ops. Townhouses are also on the menu, most of them located in historic brownstones. StreetEasy data shows that, as of July 2024, these grand townhomes made up 12% of available homes.
When it comes to Park Slope condos, new developments are decidedly on the rise. Perrizo notes that there’s “a growing number of condos along 4th Ave and sprinkled throughout the area especially in South Slope.”
If a co-op is more your style, you’re in for a treat. “There are many gorgeous coop buildings with architectural styles that range from the early 1900’s through the 1960’s. Most are full-service buildings with beautifully maintained lobbies and courtyards,” says Perrizo.
It’s important to note that there are certain specific processes for purchasing a co-op in Park Slope. As Perrizo explains, “to purchase in one of these buildings, the debt-to-income ratio typically needs to be around 23-27%, with post closing liquidity of 12-24 months.” She also notes that prospective buyers should expect to have to complete a co-op board package in order to get accepted into one of these buildings.
If you don’t feel like dealing with a co-op board — and you have the means — you might want to consider purchasing your own brownstone. That is, if you can withstand the intense demand and competition.
As Perrizo notes, “[brownstone] price points have a wide range depending on the condition and location but the time on market is usually quite short no matter what the condition is.”
Don’t be discouraged, though! You can still secure a gorgeous brownstone in the largest historic district in New York City. The key — according to Perrizo — is to act fast, but do your due diligence. She advises double and triple checking on all open permits, any landmark designations, and the Certificate of Occupancy designation; “A thorough structural inspection” is also a must.
Perrizo concludes, “If you feel comfortable with all of those aspects of the home, then moving quickly and purchasing a brownstone in Park Slope has historically been a sound financial investment over time as well as, in my opinion, a beautiful place to live!”
So what is all of this gonna cost you? According to the StreetEasy Data Dashboard, the median asking sales price in Park Slope in August 2024 was 1.6 million dollars. It’s important to note, however, that with such a wide variety of home types available for sale, you should expect to come across a wide variety of price points when searching for a home for sale in Park Slope. For example, the price of a brownstone will typically be significantly higher than the price of a 1-bedroom co-op.
Thinking about buying in Park Slope? Chat with our complimentary, licensed Concierge to learn about the process and get matched with a buyer’s agent.
Renting in Park Slope
Dreaming of brownstone living but don’t have the cash to buy one just yet? Buchman notes that it’s possible to find a rental within a brownstone: “If you are lucky you can find a lovely garden floor… rental with some outdoor space for under 4K a month.”
Beyond brownstones, rental units in Park Slope are largely located in pre-war buildings, ensuring unique character and distinctive aesthetics. But if you require more convenient amenities — such as elevators or central AC — just know that your search might be a little harder. Not impossible, as Perrizo notes: “There are new developments and condos closer to 4th Ave. and sprinkled around the neighborhood, especially in South Slope, if you want a more modern space with amenities.” According to the StreetEasy Data Dashboard, the median asking rent as of August 2024 in Park Slope was $3,995. This is higher than Brooklyn’s median asking rent of $3,600, but lower than neighborhoods like Brooklyn Heights, where the median asking rent is $4,650.
Park Slope Rentals Under $3,500 on StreetEasy Article continues below
Parks and Green Spaces
When it comes to green spaces, Prospect Park is the undeniable gem of the neighborhood. As Buchman notes, “[Prospect Park is] what makes the Slope so special and a standout from the other Brooklyn brownstone neighborhoods.” Opened in 1867 and known as “Brooklyn’s Backyard,” Prospect Park stretches over 500 acres, and features a zoo, boating lake, and ample spots for a summer barbecue. Not to mention the “gorgeous skating rink… and carousel too!” adds Buchman.
What to Eat, Drink, and Do
Foodies, take note! There are countless delicious eateries in the Slope, most of them located along the main drags of 5th and 7th Avenues. Some even boast prestigious awards — like Winner, a Michelin star bakery and take-away restaurant. Buchman highlights their “famous chicken dinner and all the fixins” as particularly great for “busy working moms and dads.” Perrizo is also a fan, and advises that you “get there early or on off hours because the line is usually long.”
Another neighborhood cafe of note is Cafe Regular, whose sweet atmosphere evokes a chic meal in Paris. For dinner, Buchman likes Fonda for their margaritas and made-to-order guac; She also recommends Masalawala & Sons “for a spicy thrill.” Both Buchman and Perrizo name Fausto on Flatbush as personal favorites. A double endorsement? Sign us up! “Its marvelous pasta and wine selection…never disappoints,” Perrizo promises.
Beyond being a hub for mouthwatering food, Park Slope is a cultural epicenter providing activities for music lovers, cinephiles, and readers alike. And convenience abounds, as Buchman points out: “The library, the Brooklyn Museum and the Botanic Garden [are] all steps from one another.” Perrizo also highlights Barbes on 9th for “amazing live music and drinks,” the Brooklyn Conservatory of Music for “ fantastic options for lessons and performing groups,” and Nighthawk Cinema in South Slope for films AND a menu that is “surprisingly delicious.”
Check out our StreetEasy “Know the Neighborhood” video for even more neighborhood recs from two longtime Park Slope locals!
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