http://www.brownharrisstevens.com/detail.aspx?id=940654 (link is dead, see image below).
350 sqft with one window facing the back ally for $375,000.
This is the neighborhood I lived in when I first moved to NYC 15 months ago; the neighborhood I broke a lease in to move to Flatbush Gardens. I went down there to see this place for something to do on a Sunday (not because I have anything close to the $37.5k you'd need for a 10% down payment (assuming one could get a 90% loan these days)). It's "cute as a button" as my grandma would say, but 350 sqft, and one window facing the back ally. Maybe, MAYBE, if it had a street view, but even then the other side of Court street is a boring cookie-cutter office building.
Anyway, they won't get more than 300k for this place, but the point is, 1000 sqft for 1200/month flat, or 350 sqft for whatever the crazy rent on a place with this "value" would be.
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