It’s no secret that buying a home in New York City is often more difficult than in other housing markets. From high prices and closing costs to saving up for a down payment that often exceeds the standard 15 to 20% threshold, the effort and capital necessary to own a slice of the Big Apple is daunting and out of reach to many local residents. However, as we've previously mentioned, several government programs exist to guide New Yorkers towards homeownership, whether through downpayment assistance to government-sponsored co-op units in the form of Mitchell-Lama or HDFC. For those seeking to buy a market-rate condo at an approachable price point one typically has to look outside of Manhattan where even brand-new sponsor condos can be had for under $750,000.
All interior photos via Compass
One such development to enter the market is 17 Diamond Street, a boutique seven-unit condominium with one- and two-bedroom apartments asking from $640,000. Situated near the heart of Greenpoint between McGolrick and McCarren Park, the new four-story building is within walking distance to the Nassau Avenue subway station serving the G and the Graham Avenue station serving the L. Its staid exterior of floor-to-ceiling windows and glass-fronted balconies was authored by Astoria-based Anthony Cucich Architects and city zoning ensured the building's scale complemented its rowhome neighbors.
Inside there are no more than two apartments per floor. The space-efficient and open layouts come with slate stone tile flooring, recessed lighting, central air conditioning, and an LG Series washer and dryer. Modern kitchens have a Bosch appliance suite, a SilentSeries dishwasher, and custom cabinetry from 7HAUS. The pet-friendly walk-up building is relatively no-frills allowing residents to benefit from very low monthly carrying costs. However, shared resident comforts include a common roof deck and basement storage for purchase.
Currently, Greenpoint condo asking prices come in at a median of $1.1 million or $1,195 per square foot. 17 Diamond listings blend to an average of $1,250/ft2 well below Manhattan's $2,100/ft2 new development closing average.
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