Our pals at Brownstoner ask the question today, why pay over $1 million for a 2BR on Henry Street when you can buy an entire house for the same money in Windsor Terrace?
Brooklyn Heights remains the blue chip neighborhood in Brooklyn without a doubt, but as other neighborhoods improve their housing stock and services how much of a relative premium should The Heights command? That eternal question popped into our mind as we were looking at today's Co-op of the Day at 119 Henry Street. There's no question that it's a lovely apartment — only whether it's worth $1,099,000 when that same amount buys you two floors of a brownstone one subway stop away and a beautiful house five stops away. But, as we've discussed before, that's not really the right way to look at it. Most people aren't deciding between a two bedroom in Brooklyn Heights or a house in Windsor Terrace. More likely, they're deciding between this place on Henry Street and another two bedroom in the neighborhood like this one on Hicks Street for $925,000. Which do you think looks like a better deal?