“I’m seeing in Bed-Stuy what I saw happen in Williamsburg in 2002,” said David Maundrell, founder and president of Aptsandlofts. “We’ve been working out there for a very long time.”
The company has just rented its third Brooklyn office, which will be located in Bed Stuy at 308 Malcolm X Boulevard between MacDonough and Decatur streets, Crain’s reported. Maundrell, who grew up in Williamsburg, opened his first office there in 2002, and last year opened a second office in Cobble Hill. The firm was an early catalyst in Williamsburg’s growth, and often advised developers renovating old tenements about the kind of design its clients favored over the standard Home Depot approach. More recently, it has become known for marketing a high proportion of the neighborhood’s new luxury rentals, such as 53 Broadway and 50 North 5th.
The new office will focus on a “large collection of new condominium units, as well as commercial and retail spaces, that will soon be hitting the market in Bed Stuy and the surrounding neighborhoods of Crown Heights, Clinton Hill and Bushwick,” said Crain’s. Aptsandlofts plans to hire 45 more agents (bringing the total head count at the firm to 150) and open its doors in January.
The new offices are located in the same building as real estate developer Brookland Capital, which recently bought the building and opened its own offices there. Aptsandlofts joins many other medium-sized and neighborhood based real estate firms, including Evans & Nye, Flateau Realty Corp., and Stuyvesant Heights Brokerage.
“As low inventory and high costs push more prospective buyers and renters into Bed Stuy, sales transactions have been heating up,” said the story. Maundrell “has seen families move into the neighborhood and plunk down $1 million to convert a three-family home into one just for themselves, something that would have been unheard of just a few years ago.” The neighborhood’s blocks of brownstones “are more reminiscent of Cobble Hill” than Williamsburg, said Maundrell.
Do you agree Bed Stuy is the new Williamsburg? How do you think the area is changing?
Bed Stuy Eyed as Next Williamsburg [Crain’s]