Home Prices More Than Double Near This Fort Greene Subway Stop

FORT GREENE, BROOKLYN — Homeowners might be paying a steep premium to live near a neighborhood subway stop.

A new study found that homes near the Clinton-Washington Avenues subway station cost more than double the typical home in Fort Greene. The study compared the station to both Fort Greene and Clinton Hill homes, likely since it falls near the border of the two neighborhoods and is one of only nearby transit options.

For Fort Greene, homes within a quarter-mile of the G train stop cost an average of $2.5 million, a 150 percent spike from the nearly $1 million median sale price for the neighborhood, the PropertyShark report found. Homes near the subway were about a 30 percent spike for Clinton Hill

The neighborhoods were also far from the only places New York City home buyers pay more to live near subway stops.

The report — prices for multiple types of homes between January 2014 to June 2019 — found that 53 percent of the 431 stations looked at in the study were more expensive than their respective neighborhoods overall.

Manhattan's Fifth Avenue-59th Street stop in Lenox Hill saw the biggest price swing — homes nearby had a median sale price of more than $4.63 million, almost four times the neighborhood's median of $1.21 million, the report shows.

But New Yorkers can find deals near other stations such as Fordham Road in The Bronx's University Heights neighborhood, the report shows. The median sale price of $75,000 near that stop is 82 percent lower than the neighborhood as a whole, the biggest discount on the list, according to PropertyShark.

Prices fall 81 percent near Downtown Brooklyn's York Street stop on the F line, while the Jamaica-179th Street station in Jamaica Estates offers a discount of 75 percent, the report shows.

The influence of proximity to subway stations on housing prices varies by borough, PropertyShark said. Homes near stops in Brooklyn and Staten Island are 11 and 9 percent more expensive than the borough's median, respectively, while prices are 8 percent lower near stations in Queens and roughly even in Manhattan and The Bronx, according to the report.

"It should also be noted that the neighborhood composition within the radius of the subways and the neighborhoods varies," PropertyShark says. "Condos and single-family homes can be over-represented in one and under-represented in another."

Patch reporter Noah Manskar contributed to this report.