Misha,
Manhattan prices used to be significantly higher than Brooklyn prime neighborhood prices. However, Manhattan dropped more in the last year than Brooklyn and there is actually less of a discrepancy. I live in Brooklyn and my office is in Manhattan and I sell in both boroughs, so I've tracked this pretty closely.

For what you want to do, you are better off with a condo, as co-ops want to meet whomever will live there from the start, and a board probably would not approve of this type of arrangment. In a condo you have the same freedoms you would have in a house. In the condo market, there are great deals in new developments in both boroughs, and you can get all the amenities of a top-of-the line Manhattan development in Brooklyn for less.

Whether you look in a new development or investigate resales, I always highly recommend you use a buyer's agent to help you. Sellers/developers have professional agents and buyers should have a professional negotiating for them as well.

Jenet Levy
Halstead Property
jlevy@halstead.com
(212) 381-4268

Hi Misha,

Are you Russian by any chance?

To answer your question. You can definitely get more space in Brooklyn vs. Manhattan and for a better price, but you already knew that. Prices have dropped just not as much as the tabloids promised, at least not in every sector of our market. Major drops of up to 40% happened in 3 to 4 bedroom markets, that are multimillion dollar apartments. One million and under is where majority of our business is today, and hence the least amount of cuts.
What did you mean by an apt or condo? An apt can is a Condo, an apt is a Coop, your only other option is to buy a house.
Like Debbie said, you have to buy long term and hang on to a property from anywhere of 5 to 10 years and you will make money on it.
It would be difficult for you to buy an apartment and rent out a room or two. There is lack of privacy for anyone, most people wouldn't agree to that unless you want college students who have no choice but to share an apartment. And it might be hard to find tenants all the time.
If it's an option for you, you may want to consider purchasing a house with a legal basement that you can rent out, or a two family home.
What's your budget and where are you realistically looking?

Hi Misha
If you are planning to live in a home for at least 5 years, you should be fine as far as investment goes. Now, I don;t have a crystal ball, but for the longer term, I see no problem.

What you need to do is analyze your financial situation......compare the cost of renting to the cost of ownership.
Speak to a mortgage broker...that's first and foremost !!! Condos are usually more expensive than coops, but they often have less stringent requirements for the buyers. Chceck that out too. There may also be restrictions on renting out rooms, too.

Find a good Manhattan agent who can show you what your price range will buy....and discuss the various parts of the city, where the best values are.

Good luck in your search!
Debbie Rose
Prudential NJ Properties