Last week a story in The Observer looked at a large development site for sale in east Bushwick. The site–several lots over a few blocks around 386 Weirfield Street near Wyckoff (mostly the large empty lot and the u-shaped building with the red roof in the center of the image above)–includes 87,000 buildable square feet for residential development as well as some commercial space. The potential development is near the Halsey stop on the L train, a few stops past the Morgan Avenue and Jefferson Street stops where Bushwick has undergone the most intensive gentrification. Massey Knakal is marketing the site for $8.5 million. The article pointed to the success of another nearby rental project, the loft apartment building at 550 Irving Avenue, just a few blocks away. That 65-unit rental building building offers amenities like an indoor pool, rooftop lounge and a garden with a jacuzzi despite the location and its industrial neighbors. Noel Caban of Winick Realty Group told the paper: “Dropping a few of these types of projects totally changes the market dynamics of not just retail rents but the kind of shops that are there, the kind of restaurants that are there, and even how the locals feel about this implosive gentrification that’s happening.” What do you think, is this part of Bushwick, about as close to Cypress Hills as Flushing Avenue, ready for this type of project? If it does happen, will the other changes necessarily follow?
Photo Via Google Maps