Bushwick is now home to at least eight new condo buildings that are either open or on the wayand the Times is on it. Our favorite
creator of ugly Brooklyn buildings developer Boaz Gilad of Brookland Capital has a lot to say about the untapped market in a corner of Brooklyn that has historically been chock-full of rentals. After the first wave of luxury rentals comes new-construction condos, naturally. First up is 13 Melrose, pictured above, which launched sales of its eight one-bedroom apartments in August from $389,000.
Gilad says he "has plans for seven other condo projects throughout Bushwick, some with two to three dozen units." They include 1300 Decatur Street (24 units, one- and two-bedrooms) and 322 Menahan Street ("a Bauhaus-style condo development with 24 units").
The area's rentals, by the way, are growing more and more Williamsburg-y by the day. See the long-stalled, now-open Colony 1209 on DeKalb Avenue, with ping-pong tables and a screening room, which charges something like two-thirds of 'Burg rents and is now 90 percent leased. It's been so successful, in fact, that developer Spruce Capital Partners might take it condo. Said one of the partners: "Judging from the response we've received from people wanting to live in the neighborhood, and seeking out luxury finishes and amenities, I don't see why not."
You know what helps propel this boom forward? Not a lot of buildings in Bushwick are landmarked, so new structures can go up fast. Stay tuned.
· Bushwick Takes the Spotlight [NYT]
· All Colony 1209 coverage [Curbed]
· All Boaz Gilad coverage [Curbed]
· All Bushwick coverage [Curbed]