A Great Starter Apartment in Brooklyn Heights vs. A Rental… 30 & 40 Clinton

Fellow Corcoran Agent Sharon Katzoff has just listed a wonderful coop 1 Bedroom on Clinton street in Brooklyn Heights.  The pre-war brick building, built in 1927, has 58 apartments, 6 floors, an elevator, a live in super, a video intercom system and it allows pets.

The apartment itself has been tastefully renovated, and comes in at 550 square feet.  At 20% down on (the minimum) on the asking price of you will be looking at roughly $2300/month in total costs, including the maintenance of $638.  When you take into consideration takes breaks it is more like $1750 net per month. This rivals a 1BR in 40 Clinton, at 525 feet and renting for $2350.  So why rent when you can own?  For the same monthly flow, isnt it better to  build equity, earn appreciation (we expect, long term) AND have a say over what you do with the apartment without fearing rent increases?  Or is it better not to carry the liability, potential depreciation, loss of liquid capital and not have to deal with fixing problems as they arise?

Compare for yourself below.  OH! Important difference.  You’ll need about $85,000 cash to buy the apartment at 30 Clinton.  Renting requires 2 months rent to start and a broker fee.

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Click here for an updated price for 30 Clinton, the 550 foot coop.