As luxury high rises sprout up on every vacant lot in south Williamsburg, sale prices in the area are expected to match those of north Williamsburg in a few years, said a story in The New York Times. Right now they trade at about a 15 percent discount, or $1,000 per square foot, vs. the north side’s nearly $1,200.
However, there isn’t much to buy: There were only 16 listings for sale in July, including co-ops, condos and townhouses. The average price was $1,780,000, according to Streeteasy.
About 90 percent of the housing in south Williamsburg is rental, said the story. Rents in the new buildings “are on the high side,” starting at about $3,000 a month for a one-bedroom. Some of the new buildings include 424 Bedford Avenue and 15 Dunham Place. Thousands more apartments are planned for the area, including the huge Domino redevelopment and The Oosten, the Chinese-owned condos.
This new listing at 154 Broadway, a four-story loft building that was converted to residential back in 2007, has a ton of space (2,600 square feet) and other amenities you’d hope for in a loft (high ceilings, big windows). This place also has a lower level as well as a backyard and a deck. The only real negative is the fact that it’s on the ground floor with the front facing the street. Asking price is $2,500,000.
Menswear maker and retailer By Robert James‘s Williamsburg store has moved around the corner, from 241 Bedford Avenue to 193 Grand Street. The new store, which opened in February and had its grand opening party last month, is between Bedford and Driggs, on the same block as Bird.
The locally made wares include corduroy paisley shirts, animal print jackets and skinny ties. The company is known for its friendly attitude and frequent parties. There is also a second Brooklyn store, at 416 Atlantic Avenue, and the original store on the Lower East Side.
New York Daily News has annointed Williamsburg’s Wythe Avenue the new Meatpacking District, which will probably sound like pretty old news to anyone who’s visited the area in the last few years. It’s only going to get more so, predicted the story, which ran down three of the hotel projects planned for the street, which The Real Deal also profiled last week.
The gravitational pull of Brooklyn’s new nightlife district is giving new meaning to the old term “bridge and tunnel,” according to the story.
“The whole bridge-and-tunnel terminology is becoming outdated,” said Brooklyn Bowl cofounder Charley Ryan. “There are people who live in Brooklyn and think of people in Manhattan as bridge and tunnel.” The Daily News also found a Brazilian tourist who said he spent 90 percent of his visit in Brooklyn. “Williamsburg has a better version of everything I come to New York for. Better people, better food, better clubs and better views of Manhattan,” he said.
Opening soon at the far end of Wythe is the club in Kinfolk Studios, to be called Kinfolk 94. “Made of exposed wood and shaped like a hippie eco-lodge in the Pacific Northwest, 94 is slated to become a rocking dance and performance club when it opens next month,” said the News. Its cedar geodesic dome was praised by the Times in February as an exception to the trend of monotonous architecture in Williamsburg.
“Every year this block gets more tourists,” said Kinfolk spokesman Felipe Delerme. “By 2020, it’s going to be Times Square,” he said, only partly joking.
Williamsburg institution Dumont is being evicted by its landlord for nonpayment of rent, as Bowery + Bedford was the first to report. The restaurant at 432 Union Avenue has actually been closed since January, but said it planned to reopen. Owner Colin Devlin committed suicide last year. Dumont Burger, now under different ownership, remains open, according to Gothamist. Click through to see the termination notice, dated March 21. GMAP (more…)
A story in The Real Deal reviewed recent and forthcoming developments on a 20-block stretch of Wythe Avenue, from the Williamsburg Bridge to the Greenpoint border, whose renaissance was kicked off by the debut of the Wythe Hotel in 2011. Above, pedestrians on Wythe Avenue outside Brooklyn Bowl and across the street from the Wythe Hotel. After the jump, a shot of the Wythe Hotel from the back. Here, we pick out the ones that haven’t opened yet:
*The SteelWorks Lofts at 76 North 4th Street will start leasing by June.
*The former carpet factory at 149 Kent Avenue will open in 2015. There will be 164 rentals, 20 percent of which will be affordable.
*The foundation is going in at 96 Wythe Avenue, on the corner of 10th Street, expected to be a hotel with about 160 rooms. Heritage Equity Partners and local landlord Yoel Goldman are reportedly the developers.
*A 100-room hotel is planned for 93 Wythe Avenue, a full block site between North 9th and North 10th streets, said sources. Ennismore Capital (developer of London’s Hoxton Hotel) is reportedly the owner, and former owner Sydell Group (Ace and NoMad hotels) will also be involved. (more…)
We discovered this rendering on the fence at 377 Flushing Avenue between Kent and Franklin in south Williamsburg, where developer Rabsky Group is planning a seven-story mixed-use building. The ubiquitous Karl Fischer is the architect of record for the 99-unit development, which will also include ground-floor commercial space, according to new building permits issued last August.
We last reported that the building would be 177 units, but permits have been updated with the lower number of apartments and slightly less commercial space. And now there are fewer underground parking spaces — 50 instead of 106. The 159,092-square-foot building will also have 50 bike parking spaces, roof terraces and recreation spaces. When the City Council agreed to rezone the land, the developer promised to make the development affordable housing and build a five-story addition for the yeshiva school next door, as previously reported.
Behind the fence, excavation has just begun. Click through to see a photo of the construction. GMAP
The red racing stripe-detailed rental building at 281 Union Avenue in Williamsburg began leasing last week. The seven-story development is offering 33 one-, two- and three-bedroom apartments, BuzzBuzzHome reported. Six listings are up so far, with one-bedrooms from $2,300, two-bedrooms from $3,400 and a two-bedroom, two-bath for $4,500 a month.
The apartments, marketed by Bold New York, feature wide-plank oak floors, large double-glazed tilt and turn windows, central heating and cooling, Caesarstone countertops and video intercoms. Some of the apartments also have balconies and terraces. The building features a gym, shared work space, onsite parking, bike parking and a landscaped roof deck.
Developed by Alex Brown Realty and Largo Investments, the building also has a 15-year 421a tax abatement. The MDIM-designed building is shaped like a cross, which might be a nod to the site’s former occupant — a Methodist Church — but also fits the wedge-shaped island plot.
Click through for interior photos, and check out the floor plans.
This new listing at The Edge in Williamsburg is a nice one to be sure — river views, modern appliances and great common amenities — but it’s still a one-bedroom apartment that’s asking $995,000. That’s about $1,200 a foot for those keeping score at home. A lot of dough, to be sure, but that’s pretty much the going rate for this location. In fact, some larger units have gone for higher valuations than that recently.
Want to know how fast and far the Williamsburg condo market has moved in the past couple of years? Take a look at the price history on this top-floor unit at 55 Berry Street. After selling for $1,100,000 in 2012, the 1,245-square-foot pad was put on the market for $1,750,000 in May of 2013. After a couple months, the listing was pulled and just re-emerged again last week with a price tag of $1,695,000. It’s a nice place, to be sure, with high ceilings, modern kitchen and a private 1,000-square-foot roof deck. Can’t wait to see what it goes for.
A seven-story mixed-use building is coming to the corner of Broadway and Wythe Avenue in Williamsburg. Jeffrey Kamen Architect filed a new building application last week to construct a seven-story, 17-unit development at 49 Broadway, a block and a half south of the Williamsburg Bridge.
Currently a vacant lot, the property will eventually house 5,293 square feet of commercial space, 352 square feet of community space and 11,560 square feet of residential. The project will also have underground parking for nine cars, a roof terrace, and balconies for some apartments. GMAP
The rental building with a red racing stripe going up on a wedge-shaped island lot at 281 Union Avenue in Williamsburg looks just about done. The 33 units, which will start at $2,400 a month for a one-bedroom, are supposed to start leasing in April, as Curbed reported earlier this month.
The developer is Alex Brown Realty Inc. and Largo Investments. The architect is MDIM. What do you think of the look of the building?