Accessibly priced units starting just below $150,000 in Flatlands
For those looking for a Brooklyn co-op for well under $300,000, Kings Village in Flatlands offers basic units with flexible financing options. The apartments aren’t fancy by any means, nor do they offer luxe amenities, but for those looking to own a multibedroom home in this popular borough at an accessible price point, the complex is worth considering. The postwar, six-story complex consists of five, brick-clad towers and a total of 775 apartments stretched between East 55th Street and Utica Avenue. According to Jared Goodloe, an agent with Compass who has sold several units at the complex, if buyers don’t go to the nearby Philip Howard Apartments (which is more of a full-service building with a doorman), they tend to purchase at Kings Village. “It’s more traditional co-ops. It’s an affordable building,” he says. “Most of the buildings have been renovated in the last five years. There is an outdoor space that [consists of] a shared garden that’s between two of the buildings.” Residents have part-time security between the hours of 7 a.m. and 9 p.m., as well as 24/7 camera surveillance.
Interior conditions and renovations vary widely
When it comes to shopping around for a home, prospective shareholders at Kings Village should note that finishes, renovations and appliances vary widely, as well as the price points. “Some shareholders have renovated the interiors, and some haven’t. They have similar layouts, not similar renovations,” Goodloe says. “But in almost every building, the electricity has been updated.” For context of the varied conditions, a two-bedroom recently listed for $225,000, but the kitchen is outdated and would probably need gutting, as well as the bathroom. However, an 800-square foot one-bedroom, which listed for $215,000 in the summer 2024, appears to feature a fully upgraded, galley kitchen with gray cabinetry and a textured, multi-hued backsplash, all new appliances and a small dining nook. Further, a completely gut-renovated studio can go as low as $175,000, and includes a galley kitchen, pristine wood floors and new stainless steel appliances. Each unit has steam heat and most have a dedicated AC space cut out below the window (“85 percent of units have it,” says Goodloe), but some shareholders have taken them out.
Overall, Goodloe points out that the units are “pretty large,” with roughly “900-square feet for a two-bedroom that has a proper foyer and an eat-in kitchen.” Some of the three-bedrooms have small balconies, although Goodloe says these units typically “never go on sale,” as most people tend to “hold on to them because getting outdoor space in Brooklyn is challenging.” The balconies can fit a small table and chair, however there’s no grilling allowed in these private, outdoor spaces.
Generous financing options, but a minimum yearly income is required
Despite the varied conditions of the units, prices are still way below a typical Brooklyn co-op, and the board is more flexible on financing than many other buildings. In recent years, studios have gone for between $140,000 and $150,000, while one-bedrooms go between $195,000 to $220,000. Two-bedrooms garner between $250,000 to $300,000, and three-bedrooms, although rare to market, run between $310,000 to $400,000. Prospective shareholders can finance up to 90 percent, and their minimum yearly income must be at least seven times the annual maintenance payment, which generally runs between $500 and $1,200 per month. Buyers should note there’s currently a special assessment of $385 per month with an unknown expiration date.
Limited amenities, but there’s an on-site, albeit waitlisted, parking lot
Since Flatlands is largely residential and fairly deep in southeast Brooklyn without a nearby subway stop, having a car is definitely a plus. And for those who have their own wheels, Kings Village’s parking lot is a major perk. The catch? There’s a waitlist. “It’s not a separate garage, it’s a fenced-in area. They’re leased [spots], so you pay a monthly payment that could range from $150 to $250,” Goodloe says. “It’s the most affordable parking in Brooklyn, but it’s waitlisted.” There’s also storage available for residents, but there’s a waitlist for that, too. None of the residences have in-unit washer/dryers, but there’s a small, communal laundry room in every building. “There’s also a package area and a trash chute on every floor,” Goodloe says. There’s no rooftop access, nor a gym, but a live-in super is available to assist residents.
A residential neighborhood in southeast Brooklyn with limited train access
Several semi-detached single family homes, duplexes and low-rise buildings surround the blocks around the complex, which is situated on quiet tree-lined streets, with the exception of units facing the much-busier Utica Avenue. Given that there’s not a nearby subway within the neighborhood, many residents drive, especially to the plentiful grocery stores located along nearby Flatbush Avenue. Kings Highway is located just north of the building, which adds to the convenience of commuters throughout the borough. Restaurants, mainly of the Caribbean and Asian variety, are generally populated along Flatbush Avenue and other throughways. Kings Plaza Shopping Center, which has plenty of chains and big-box shops, is just a 10-minute drive from the building or a 20-minute bus ride. JFK is the closest airport and only about 25 minutes away by car. The closest subway is 1.4 miles away: the Flatbush Ave-Brooklyn College Station, serviced by the 2 and 5 trains. The station isn’t within walking distance, but residents can utilize a few bus lines to reach it in under 25 minutes.
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Current List Price
Sold Price
Area Factors
Low Crime
Crime Score®
3/ 10
Bikeable
Bike Score®
65/ 100
Very Walkable
Walk Score®
80/ 100
Excellent Transit
Transit Score®
80/ 100
Sources: WhatIsMyCrimeRisk.com, Walk Score
Sources: WhatIsMyCrimeRisk.com, Walk Score
WhatIsMyCrimeRisk.com, Powered by CAP Index provides objective, accurate, and consistent data to help measure, compare, and mitigate crime risks. Walk Score® measures the walkability of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Sound Score® measures the noise level of any address. Environmental risk data is provided by First Street Foundation® and is designed to approximate risk and not intended to include all possible scenarios.
Parks in this Area
Fox Playground
4 min walk
Playground
Jacob Joffe Park
11 min walk
Baseball/Softball
Basketball
Playground
Power Playground
2 min drive
Basketball
Playground
Amersfort Park
2 min drive
Picnic Area
Walking Paths
Sarsfield Playground
3 min drive
Playground
Fraser Square
3 min drive
Picnic Area
Walking Paths
Harry Maze Playground
3 min drive
Basketball
Playground
Curtis Playground
4 min drive
Basketball
Picnic Area
Playground
Hickman Playground
4 min drive
Basketball
Playground
Schools
Source:
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