Is Bushwick the New Soho?

In the new June issue, The Real Deal gets bullish on Bushwick, asking the rhetorical question, Is it a new Soho? With Williamsburg having proved itself as a desirable residential neighborhood, “developers are salivating over sites in Bushwick,” according to the article. Not all of them are ready for what they find there though. “A lot of developers want to put money out in these [North Brooklyn] neighborhoods,” said David Behin of MNS. “I can see the reaction when we get to Bushwick, though. For a lot of them, it is too pioneering.” Developers who have the stomach for it will find prices-per-buildable-square-foot at around $125 in the more gentrified northwestern area (around Roberta’s) and closer to $80 south of Flushing Avenue. Residential rents can get as high as $40 a year, or about $2,500 a month for a 750-square-foot apartment. Not surprisingly, most of the interest from developers falls along the two train lines in the area, the L and the M. Unlike Williamsburg and Greenpoint, which received a residential up zoning in the last decade, much of Bushwick is still zoned for industrial uses.
A New Soho? [The Real Deal]
Photo from New York Shitty