I’ve recently posted several articles about Bushwick because the neighborhood is a prime example of how a New York City neighborhood can take off and accelerate in growth in just a short number of years. From 2013-2014, the median home price in Bushwick increased over 30%, the highest growth rate citywide, while rental prices increased over 20%. This once gritty, industrial area is seeing new developments popping up all over, from hotels to rentals to condos. Here is a snapshot of some upcoming condo projects on or soon hitting the market in Bushwick.
This brand new, postwar low-rise near the Myrtle Avenue subway stop launched sales last August. The majority of the eight, one-bedroom homes (priced $389,000–$733,000) were snapped up quickly. Select units have private outdoor space; all include 10-foot high ceilings, white oak hardwood floors, oversized windows, and modern appliances in the kitchens and baths. The local developer, Brookland Capital, appears unstoppable. They have plans for many other condo projects throughout Bushwick.
1094 Madison Street
Brand new to the market, this four-story, eight-unit condo building between Evergreen and Central Avenues is another Brookland project. Designed by L&C Associates, the spacious one bedrooms, some duplexes, feature kitchens with London Grey Caesarstone countertops and rustic mosaic backsplashes, as well as bathrooms with white porcelain tiles accented by custom walnut vanities and chrome fixtures. Prices for the remaining units are $425,000–$625,000.
1290-1300 Decatur Street
Currently under construction on the east end of town is this four-building project, each with eight one- and two-bedrooms. Developer Rimon Gabbay purchased the properties for $495,000 in 2013. The recently released exterior rendering by architect S3 features gray brick, wood wall panels and balconies, and steel and glass windows and doors. The top two floors will have duplexes with private terraces.
26 Starr Street
Between Wilson and Central Avenues, this new condo/apartment project is in pre-construction. The owner, Lazer Waldman, plans three separate buildings to span the lots of 24-28 Starr St. Designed by Charles Mallea, the facade includes gray panels and protruding, asymmetrical windows. The development will have a total of 24 units, including two duplexes with mezzanines.
322 Menahan Street
Brookland Capital has filed applications to construct a six-story residential building of 8,629 square feet at the vacant lot of 322 Menahan Street. Feingold & Gregory are designing what Brookland partner Boaz Gilad calls a Bauhaus-style condo development with 24 units.
1255 Bushwick Avenue
Brookland also purchased the Lutheran church at 1255 Bushwick Ave. for $1.95 two years ago. The original design for the seven-story, 32-unit condo building by Isaac & Stern was met with criticism. Reports say that Brookland has since scrapped that design, and will instead raze the structure and start from scratch.
424 Evergreen Avenue
Plans for a four-story, three-unit residential building were just announced for this vacant lot in the center of Bushwick, three blocks from the Gates Av. stop on the J/Z subway. It will measure 4,300 square feet, which works out to units averaging 1,430 square feet, just the right size for condos. Manish Savani is listed as the architect.
One of the highest-profile developments in Bushwick is the mega project at the former Rheingold Brewery. Current plans for the 10-building complex call for 1,000 apartments of which 327 will be condo units. Plans for three of the buildings have been filed, one of which includes a spectacular 25,000-square-foot green rooftop. It’s unclear whether the new developer, The Rabsky Group (who bought the site from Read Property Group for $53 million last year), plans to make good on Read’s agreement to include 30% affordable housing. There’s still a lot to be worked out for this enormous undertaking. I will keep you posted as development continues.
With all this new growth activity, it’s easy to see ample opportunities to stake your claim in Bushwick. Please let me know if you’re interested in learning more about this vibrant community.