Brooklyn's real estate market offers three distinct property types, each with unique advantages and challenges. As a Brooklyn native with over 30 years of local expertise and $40 million in sales, I help buyers navigate this crucial decision daily. Here's what you need to know about co-ops, condos, and brownstones in 2025.

Understanding Brooklyn Co-ops

Co-ops dominate Brooklyn's housing stock and typically cost about 10% less than comparable condos. When you buy a co-op, you're purchasing shares in a corporation that owns the building, not the actual apartment. This means stricter rules and board approval processes.

Co-op Advantages: Lower purchase prices, lower monthly maintenance fees in many buildings, and established communities with involved neighbors.

Co-op Challenges: Rigorous board approval requiring financial disclosure, restrictions on subletting and renovations, and typically 20% down payment requirements. The board can reject buyers without explanation, making experienced representation essential.

Best for: Long-term residents who meet financial requirements and want more affordable Brooklyn living.

Brooklyn Condos: Maximum Flexibility

Condos offer true real estate ownership with fewer restrictions. You own your unit outright and face minimal board interference. Monthly common charges tend to run higher than co-op maintenance fees, but you gain flexibility.

Condo Advantages: Easier approval process, ability to sublet freely, easier to sell, and often accept 10% down payments. Foreign buyers and investors prefer condos due to fewer restrictions.

Condo Challenges: Higher purchase prices per square foot, higher monthly charges, and less community oversight can mean more transient neighbors.

Best for: Buyers seeking flexibility, planning to rent out their property, or unable to meet strict co-op financial requirements.

Brooklyn Brownstones: The Dream

Owning a Brooklyn brownstone represents the ultimate real estate goal for many buyers. These historic homes offer space, character, and potential rental income from additional units.

Brownstone Advantages: No board approval, potential rental income, significant space, historic charm, and strong appreciation potential in desirable neighborhoods.

Brownstone Challenges: Substantial maintenance responsibilities and costs, property taxes can be significant, and median prices exceed $2 million in prime neighborhoods. Expect ongoing expenses for historic building upkeep.

Best for: Buyers with substantial budgets who want space, independence, and don't mind maintenance responsibilities.

Making Your Decision

Your choice depends on budget, lifestyle, timeline, and long-term plans. As a Certified Negotiation Expert® with deep Brooklyn roots, I match clients with the right property type based on their unique situation. Current market conditions show co-ops offering the best value for primary residents, while condos provide investment flexibility.

Ready to explore Brooklyn's co-ops, condos, and brownstones? Contact Laurie Savino at The Savino Team, Corcoran. With over 30 years in Brooklyn and licensing in New York and New Jersey, I provide honest guidance for your Brooklyn purchase. Call 718-309-4054 to discuss which property type fits your goals.

BROOKLYN BLOG 3: Down Payment & Hidden Costs

How Much Do You REALLY Need to Buy in Brooklyn? Down Payment & Hidden Costs Guide

Brooklyn's median home price hovers around $1 million in 2025, but the total cash required to purchase extends well beyond the down payment. As a Brooklyn native and associate broker with over $40 million in sales, I help buyers budget accurately for the full cost of Brooklyn homeownership. Here's the complete financial picture.

Down Payment Requirements in Brooklyn

Your down payment varies significantly by property type. Co-ops typically require 20% down, translating to $200,000 on a $1 million purchase. Many co-op boards won't consider buyers with less, regardless of financing approval.

Condos offer more flexibility, often accepting 10-15% down with proper financing. On that same $1 million condo, you might need $100,000-150,000 for the down payment. However, putting down less than 20% usually triggers private mortgage insurance costs.

Brownstones follow traditional mortgage rules, typically requiring 20% down for optimal rates. With median brownstone prices exceeding $2 million in desirable neighborhoods, that means $400,000+ in down payment funds.

Closing Costs: The Hidden Expense

Brooklyn closing costs typically run 2-5% of the purchase price. On a $1 million property, budget $20,000-50,000 for expenses including attorney fees, title insurance, mortgage application fees, property surveys, and bank fees. Buyers also pay mansion tax of 1% on properties over $1 million, adding another $10,000 to that $1 million purchase.

Co-op buyers face additional costs including flip tax (sometimes paid by buyer), move-in deposits, and building application fees ranging from $500-2,000.

Post-Purchase Reserves

Smart buyers maintain reserves after closing. Co-op and condo boards often require proof of 1-2 years of monthly maintenance or common charges in liquid assets post-closing. This means an additional $20,000-50,000 in accessible savings beyond your down payment and closing costs.

Brownstone buyers should reserve significantly more for immediate repairs and ongoing maintenance. Historic buildings demand substantial upkeep budgets.

Monthly Carrying Costs

Your mortgage represents just one monthly expense. Brooklyn co-op maintenance fees average $1,000-2,500 monthly and include property taxes. Condo common charges run $500-1,500 monthly, plus separate property tax bills. Brownstone owners pay property taxes directly, often $12,000-36,000 annually depending on assessed value.

The Real Number

To comfortably purchase a $1 million Brooklyn co-op, you need approximately $250,000-300,000 in liquid assets: $200,000 down payment, $30,000-40,000 closing costs, and $20,000-60,000 in post-closing reserves. Plus, sufficient income to cover monthly costs exceeding $5,000.

Getting Purchase-Ready

As a Certified Negotiation Expert® who has helped countless Brooklyn buyers achieve homeownership, I work with clients at every budget level. Understanding the complete financial picture prevents surprises and positions you for successful board approval and smooth closings.

Ready to plan your Brooklyn purchase accurately? Contact Laurie Savino at The Savino Team, Corcoran. With over 30 years of Brooklyn experience, I provide transparent guidance on the real costs of homeownership. Call 718-309-4054 for honest conversations about buying in Brooklyn's competitive market.