Prospect Heights Real Estate Trends: Buying Guide 2024

Prospect Heights is one of the most unique neighborhoods in Brooklyn, NY.  It perfectly blends brownstone charm, modern conveniences, dining options, and accessibility.  My family has called Prospect Heights home for almost a decade now, and I can’t imagine living anywhere else!  (Okay, I can imagine a different home, but I’m thankful I get to choose this one.)

Sample  Real Estate Listings in Prospect Heights, BK

Address: 202 Prospect Place

• Sale Price: $5,400,000

• Bedrooms: 4

• Bathrooms: 3

• Key Features: Classic Brooklyn brownstone home renovated with all the modern luxuries. 

• Katie’s commentary: This is the upper limit of prices for brownstones in Prospect Heights. Both the size and the finishes justify the sale price of this property compared to other homes in the area.

Browse Current Prospect Heights Listings

Prospect Heights Real Estate Noteworthy Features

Prospect Heights Historic District

The map of the Prospect Heights Historic District is an essential starting point for understanding the homes and apartments in this neighborhood. Within the historic district's boundary, you find pre-war, historic homes.  Outside the historic district, you will see a mix of buildings.  In our neighborhood, there is a lot of new development (built within the past 10-15 years) that was erected outside the boundary. Not sure what a historic district is?  This is a great article.  

Because our historic district is sometimes gerrymandered through the middle of blocks, there is a diverse representation of property available on one street or one block. On the border of the historic district, you’ll see that properties start to change. 

Pacific Park

Pacific Park (originally titled Atlantic Yards) is a public works project on the roadmap in NY that has been planned for over twenty years.  The project is similar to Hudson Yards, with approval to cover up the train tracks at the Long Island Railroad.  The first phase opened on the block between Carlton/Vanderbilt and Dean/Pacific in 2023.  This block included new high rises and outdoor amenities- a dog park, playground, grass area, and two new Chelsea Piers facilities.  

The second phase has long been delayed and is currently being negotiated with a new buyer (as of September 2024). Construction around here can seem never-ending, but the neighborhood looks forward to the outcome. This will bring a new inventory of condos and apartments to the area.  

Atlantic Avenue Mixed-Use Plan

In Fall 2023, the City Council approved new zoning on a thirteen-block stretch of Atlantic Avenue (and a few adjacent blocks) through Prospect Heights, Crown Heights, and Bedford-Stuyvesant.  The primary goal of this project was to bring more high-density housing to the area and replace the industrial businesses along this corridor.  In most of these areas, buildings can now be built to seventeen stories tall.  For any home shoppers in blocks adjacent to this corridor, knowledge of this plan is essential.  I never want my clients to be surprised by large buildings blocking natural light or years of construction.

Trends for Homes in Prospect Heights 

Price Trends

Condo

• Condo homes had a 3.1% annualized growth rate over the past ten years. 

• The median two-bedroom sold for $1,305,000 in 2023. The average two-bedroom sale price in 2014 was $895,000

• Around 40% of the inventory for sale is in two-bedroom apartments, only 1.9% is four bedrooms. 

• Read the full Corcoran report here for Condo and Co-Op Comparison

Co-Op

• Co-op home sale prices had a 4.9% annualized growth rate from 2014 to 202e.

• The average sale price of a 2-bedroom co-op was $770,000 in 2014; in 2024, it was $1,035,000.  

• Across almost all sub-markets, Condos trade at a 20% premium versus co-ops. Co-ops have more buyer restrictions, and thus, there is more demand for Condos.

Townhouse

• For the official Corcoran reporting, townhouses are grouped with Fort Greene and Clinton Hill. I ran my analysis of Brownstone homes for sale. The median single-family property sold for $2.9M in 2014; the median single-family brownstone sold for $4.1M in 2024. The data isn’t nice visually yet, but send me a note if you want to see my analysis!

Brooklyn Market Comparison

This is similar to much of Brooklyn, NY. For the past ten years, the sale price for listings has been on single-digit annual increases of 4.4%.  

Prospect Heights has a few key features that I believe will continue to drive this sale price for listings. 

1. It’s a small neighborhood.  Real estate is all about supply and demand.   The ten-year average of apartments for sale in Prospect Heights is 288 listings.  The ten-year average in Park Slope is 517 apartments.   There are a lot fewer listings in the neighborhood on Zillow. 

2. Prospect Heights is accessible for transportation, dining, and cultural institutions- more on below! 

New Developments

• As discussed above, Prospect Heights has new developments outside the Historic District.  These are all condos and typically break down into two different styles of buildings:

• Luxury High Rises: These buildings increase the median price per square foot and have amenities like a 24-hour doorman, gym, and playroom.  One Grand Army Plaza was the first to open in our neighborhood and was incredibly unique given its location on the Plaza.  550 Vanderbilt is notable for its height and visibility on Vanderbilt Avenue.  280 Saint Marks Avenue is not a high-rise but a very popular luxury building.  

• Mid-Rise Buildings: These listings include all high-end finishes inside apartments and are typically five stores.  These are not considered likely sales because they will not have a doorman or amenities.   Some may have an elevator, but others may not.  Examples are 357 Prospect Place, 363 Prospect Place, 747 Dean Street, 650 Bergen Street.  

Co-Ops

• Most of the co-ops in Prospect Heights will be around Grand Army Plaza and Eastern Parkway. They will be a combination of high-rise and mid-rise buildings, as well as pre- and post-war structures. 

• High Rise Pre-War Co-Ops: 50 Plaza Street East, 60 Plaza Street Easty, 41 Eastern Parkway, 135 Eastern Parkway 

• High Rise Post-War Co-Ops: 10 Plaza Street East, 20 Plaza Street East, 34 Plaza Street East

• Mid Rise Co-Ops: 125 Eastern Parkway, 365 Saint John’s Place, 408 Saint John’s Place

Types of Properties Available

Brownstones 

• Brownstones in Prospect Heights are known for incredibly large lots.  Park Slope might have larger interior dimensions, but Prospect Heights has the backyards.  Most brownstones have 100-foot-deep lots. (I know someone on Park Place who has put a pool in their backyard.)

• Brownstones range from 3100 to 4500 square feet. The most common configuration is a two-family with a smaller “mother-in-law” option on the ground floor and a duplex or triplex above. 

• One of the joys of Brownstones is that they are all unique—you’ll find some three-family listings, some single-family homes, some 2000-square-foot houses, and some owner-occupied duplexes on the ground floor. 

Market Dynamics

Seller’s Market: Given the area's price increases, Prospect Heights has been a seller’s market for quite some time. The marketing strategy for most listings is to price competitively, have a very busy and active first open house, and expect a bidding war. 

Lack of Inventory: One impact of higher interest rates is the lack of inventory throughout Brooklyn.  Fewer owner are listing their homes for sale given a favorable interest rate from a previous time.

Prospect Heights Neighborhood Highlights

Prospect Heights is at the crossroads (literally and figuratively) of so much in Brooklyn, NY.  This makes the area very dynamic to serve the tastes of many individuals. 

Proximity to Amenities

Parks and Green Spaces 

• Prospect Park: Prospect Heights is on the North and East sides of Prospect Park and all the joy it offers. 

• Mount Prospect Park: Just east of Prospect Park is a smaller park with green space, a small running loop, and a playground. 

• Underhill Playground, aka The Toy Playground, is officially known as James Forten Playground. It is a very popular space because it offers so many options for kids of all ages. 

• Pacific Park: This is a new addition, and it will continue to expand. Pacific Park has a splash pad in summer months, a small kids' play area, two dog runs, and a small grass area. This block is windy, which is what I really like. 

Cultural institutions 

• Brooklyn Museum: It has a great permanent art collection and rotating exhibits. The focus is on local artists. 

• Brooklyn Botanic Garden: A lush oasis in the middle of an urban environment.  There are grounds to stroll, a Japanese garden, a popular cherry blossom festival in the Spring, and a notable seasonal rose garden. 

• Brooklyn Public Library—Central Branch: This mid-century building has practical community resources, including a children's play area, a teen tech loft, and a business and research center with conference rooms. 

• Prospect Park Zoo: Located within Prospect Park.  Enjoy the sea lion performance and the red panda.  Take a trip to the nearby carousel the next time you visit too! 

• Barclay’s Center: The Brooklyn Nets and Brooklyn Liberty play here. Most major performers do a few dates at Madison Square Garden and also schedule Barclay’s. Every year, performances like Disney on Ice, Monster Trucks, and Ringling Bros & Bailey visit Barclay’s Center.

Dining 

Vanderbilt Avenue Open Streets Options

• Olmsted & Patti Ann’s

• Dilly Dally

• Faun

Gertrude’s

Little Egg

Tom’s Restaurant

Leland Eating & Drinking House

Transportation

• Subway: I originally started exploring Prospect Heights because of the proximity of multiple subway lines. I love having options; if one line is under construction, I can take another. It’s perfect since I need to get everywhere as a real estate agent! 

• 2,3 Train at Bergen Street, Grand Army Plaza, or Eastern Parkway- Brooklyn Botanic Garden

• B.Q Train at 7 Ave

• C Train at Clinton-Washington Ave (technically in Clinton Hill)

• Atlantic Terminal (2,3,4,5; B,D; N,Q, R); LIRR: It’s a bit of a walk from where I live but close if you live in the North West part of Prospect Heights.  Atlantic Terminal has nine different subway lines, as well as the Long Island Rail Road.

• Bus: I love taking the bus times when I would walk as an adult, but it’s a bit too far for my children- a distance like .75-1.5 miles. 

• B45: Route on Washington & Atlantic Ave- I used to get to Atlantic Terminal.

• B69: Route on Vanderbilt Ave & around Grand Amy Plaza- I take this route to the Brooklyn Navy Yard or towards Prospect Park West (area near NiteHawk Cinema)

• B41: Route on Flatbush Avenue- I use this route to get to Prospect Park Zoo or Lefrak Center to the South and then Downtown Brooklyn to the North

• B65: Route on Bergen (West) and Dean (East)- I use this route to head to Cobble Hill or activities along Fourth Avenue in Brooklyn. 

• Bike

• Major East/West bike lanes are on Bergen Street, Dean Street, & Eastern Parkway.

• Underhill Avenue was recently converted to a Bike Boulevard 

• Vanderbilt Avenue is a major North/South artery connecting the Navy Yard and bike lanes around Grand Army Plaza & Prospect Park. 

Community Vibe

• The Middle of it all: Because Prospect Heights is literally in the middle of Brooklyn, I find it’s a juncture for many different types of communities and amenities.  I am biased towards family options because that is my viewpoint, but there are a plethora of dining, fitness, cultural, etc.  The only complaint I’ve heard is that there are very few live music venues- for those, you have to travel to Gowanus or Williamsburg.

• Local Events/Festivals:

• Brooklyn Museum Winter Market & Market Pick-Ups

• Farmers Market at Grand Army Plaza

• Vanderbilt Avenue Open Streets

• West Indies Day Parade

• Barclays Sports (Liberty, Nets) & Entertainment (Disney on Ice, Monster Trucks, Concerts)

Tips for Prospective Home Buyers

Budgeting and Financing

Tip 1: It’s never too early to speak to a mortgage broker. 

• A pre-approval is your first step in setting an accurate budget.  Your pre-approval will set a monthly payment amount.  I love using this number to compare properties' various maintenance costs (use the building in the calculator on a list).  If you’re comparing condos or co-ops, this calculator, including common charges/maintenance, is helpful. 

• A local mortgage lender who has worked in NY is essential.  If you need recommendations, send me an email. 

Tip 2: Pre-Approval Tips

• You do not need to finance with the lender you use for a pre-approval to make an offer.  This is exclusively to prove that you are qualified to make a purchase. 

• Similar to above, you do not need to use the same rate from your pre-approval when you finance; you will have time to rate shop after making/having an accepted offer and long before the sale is finalized.  

• Your pre-approval does not need to match your offer amount.  The common misconception is that you do not want your pre-approval to be more than your offer amount.  We advise the opposite; a higher pre-approval demonstrates just how financially qualified you are to purchase.  

Timeline to Close

One of the first questions buyers typically ask is how long the process of buying a home takes. There are ways to rush this, but here is what I find most common: 

Milestone 1: The Hunt (1-6 Months)

• Understanding the market & Finding your Apartment

• This part is elastic. You need to see a substantial sample size of listings in and around your budget before you move forward with a property. Sometimes, it’s 5; sometimes, it’s 20. Visit the place in person; it’s not the same as viewing the listing on Zillow. 

Milestone 2: Accepted Offer & Due Diligence (1-3 Weeks)

• Expect around 5-7 days of negotiating with your bid until an accepted offer

• In NY, due diligence starts before a signed contract and once an offer is accepted. This will often take 1-2 weeks with your attorney.  There is no binding part of the sale or escrow deposit until your lawyer has reviewed the building information. 

Part 3: Contract to Closing (90 Days)

• After your contract is signed, it’s time to prepare your Condo or Co-Op board application and loan application with the bank.  These are two separate endeavors that happen in tandem.  Once you have received a loan commitment letter for your property, you can submit your applications to the board. 

The sale can be finalized when the board has approved your application and the bank has cleared you to close. 

Choosing the Right Property

• The best way to understand the right property is to physically visit a sample of homes for sale within your budget. Real estate is a real-time market—there are always trade-offs with location, finishes, space, and amenities. It's impossible to prioritize until you’ve visited at least a handful. 

• Understanding your non-negotiables is critical to a successful outcome when shopping with a partner.  I recommend starting with the big things and discussing in real-time after every visit.  There are always a few key categories that will come up in every apartment search I’d discuss ahead of time:

• Stairs: Are you willing to entertain any stairs? 

• Doorman: Do you need a doorman building?  Will a virtual work? 

• Washer/Dryer: Does it need to be in the unit, or will units in the basement work?

• Condition: Is brand new desirable?  Do you want a project? 

• Another important point is that you have time to do due diligence in New York before signing a contract and placing your 10% deposit.   After a verbally accepted offer, your lawyer will review the information for the property, and you can visit again.  If there are question marks, you can use this time to give yourself peace of mind.  You can also back out at any time during this period without penalty. 

What to Look for in your Real Estate Agent

Communication

• Your agent is your advocate. You rely on them to communicate on your behalf in one of the most important interactions of your life. How they communicate with you and your family is a preview into that world.  

• The best way to interview for this is to ask questions and see how they respond. Regardless of the content, did you like how they delivered the news? While you are discussing scheduling and meeting for the first time, was the process seamless, or was it confusing? 

• Note: I’m not downplaying the content and knowledge; that is just much easier to interview for.  Communication will be the backbone of sharing changes throughout the process and working with various liaisons.

 Trust

• An agent is an extension of your eyes and ears in every interaction.  Do you see their instincts aligning with yours?  Do they have experience in navigating the landscape and terrain of New York City real estate? 

• To interview for trust, I think it’s helpful to start talking through the financials a bit.  A real estate agent will see your credit and all your bank statements.  They will learn all the nuances of your family's income and expenses.  How do those conversations progress?  Are they respectful?  Do they have a grasp of the mechanics throughout this?  What’s the last buyer challenge they faced, and how did they solve it? 

• Another easy way to explore trust is to compare referrals to a real estate lawyer or mortgage broker. Did you connect with one or two of these? Did they seem like someone you would want to work with for three months?

Time

• Buyers work roughly 80-100 hours on your behalf, and you will require physical time for an agent you’re working with.  Ensure they spend those hours on you, not chasing the next deal.

• To interview for this, consider setting up some of the first showings. Is your agent available to provide what you need? How quickly do they respond to your requests? (Of course, everyone has multiple priorities, but do they communicate to you if there are times they are off the grid?)

Are you looking to make a move or have a question about a transaction in Prospect Heights? Reach out: 347-960-5950 or katie.johnson@corcoran.com