South Williamsburg, Brooklyn: Where Families Are Out in Force

Cédric Cadin, who opened a bistro called La Cafette last year at the corner of Havemeyer and Hope Streets, just above Grand, said his choice of neighborhood was motivated by the planned L train closing and the prediction that more people would move closer to the Marcy Avenue station, less than 10 minutes on foot from his restaurant. Mr. Cadin relocated from his native France for this venture, and said he is still looking for a permanent place to live in South Williamsburg, but is stymied by the high rents.

“If I compare it to Paris,” he said, “it’s just crazy, crazy, crazy.”

According to data posted on Trulia’s website, the median rental price of apartments in Williamsburg (North, South and East) between May 4 and June 4 was $2,587. The median sale price, as of May 29, was $999,999, a year-over-year increase of 16 percent.

Although breakdowns were not made for sub-neighborhoods, current listings show that the difference in price between north and south seems to increase as the properties get more expensive.

Of the 33 homes in South Williamsburg on Zillow as of June 17, the lowest price for an apartment with no HDFC income restrictions was $695,000 for a 555-square-foot studio in the Gretsch, a 1916 factory building at 60 Broadway that was converted into condominiums in 2003; it had a monthly homeowner fee of $442 and annual taxes of $3,011. By comparison, the lowest-priced listing among the 49 homes in North Williamsburg was $685,000 for a 509-square-foot studio in a 2009 condominium on North 11th Street, a block from McCarren Park; the monthly homeowner fee was $430 and the most recently reported taxes (in 2017) were $3,403.

CreditCalla Kessler/The New York Times

Among the South Williamsburg listings, the median asking price was $1.45 million for a two-bedroom duplex condo in a 23-unit building on South Second Street, across from Domino Park; the monthly homeowner fee was $677 and the annual property taxes were $521 (with a 25-year tax abatement that expires in 2036). In North Williamsburg, the median asking price was $1.745 million for a two-bedroom condo with a roof deck at North Seventh and Berry; the homeowner fee was $798 a month and the annual taxes were $725.

The most expensive South Williamsburg property was a $4.68 million, four-bedroom duplex condo loft on Wythe Avenue and South First Street, in a converted 1914 factory building. The monthly homeowner fee was $313 a month and the annual taxes were $11,051. The costliest listing in North Williamsburg was a $5.995 million, fully furnished, two-bedroom condo loft in a converted 1910 factory building on North Third Street near Wythe Avenue; the monthly homeowner fee was $1,791; the annual taxes (with an abatement until 2025) were $233 a year.

Sahred From Source link Real Estate

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