According to New York City records, the median price for an apartment in Brooklyn in the month of August 2023 was $790,000. The price represents a 2% increase from last year’s median of $775,000. The number of sales for August, when compared to 2022, fell from 648 to 570, representing a year-over-year decrease of 12%.
August is the eleventh consecutive month that the number of year-over-year sales has dropped in Brooklyn by double digits.
What exactly does $790,000 get you in Brooklyn? Let’s take a closer look.
Apartment 1-B at 895 Myrtle Avenue is a renovated ground-floor duplex apartment with a private backyard and multiple patios across two levels. This renovated one-bedroom residence offers just about 1,725 square feet of interior (1,025 SF) and exterior space (700 SF).
This crisp apartment delivers at every level. The primary level has an open loft feel with an open kitchen, an adjoining living area, and a separate nook for dining. The lower level contains a large rear bedroom and a second area that can easily be used as a home office. There is a renovated full bath on the bedroom level and a half bath on the upper level. Other attributes include split AC units, a washer/dryer, and radiant heated floors.
The renovated kitchen offers shaker-style cabinets, subway-tile backsplash, quartz countertops, and a suite of stainless steel appliances.
The upper level of the apartment enjoys a landscaped backyard (17.6”x34’) with mature plantings and an irrigation system. A handsome metal bridge allows for easy access. The smaller patio (17’7”x10’4”) is accessible via the first-floor bedroom.
The extremely low monthly maintenance of $601 makes this home even more enticing. The condominium enjoys the benefits of a tax abatement up until 2030.
895 Myrtle Avenue is a post-war five-story building located on a busy section of Myrtle Avenue between Tompkins Avenue and Marcy Avenue in the Bedford-Stuyvesant neighborhood. Built-in 2004, the low-rise building contains eight apartments, two floor-through units on each floor. The top-floor residences are duplexed homes. This is a walk-up building.
The area is serviced by the G subway line at the intersection of Myrtle Avenue and Marcy Avenue. The J, M, and Z lines are available at the corner of Myrtle Avenue and Broadway, about a 13-minute walk. The B54 bus runs along Myrtle Avenue.
Apartment 1-B was first introduced to the market in June 2023 at $785,000. In five weeks, the unit was under contract. The $790,000 closing price represents a 1% hike above the original ask. The Compass team of Emily Ackerman, Teresa Alessandro, and Daoud Heidami represented ownership. Please visit Linecity for more details.