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Spruce Capital Partners wants to flip the recently opened Colony 1209 in Bushwick, asking $81,500,000 for the five-story luxury rental building at 1209 Dekalb Avenue, according to The New York Observer. Spruce bought the 127-unit development in April from developer Read Property Group for $58,000,000. Rents are high for Bushwick, ranging from $1,775 for a studio to $2,975 for a two-bedroom at Colony, where amenities include a “speakeasy,” a gym, screening room, common roof terrace and a shared backyard.

The building’s marketing team has caught some flak for the name of the building and its marketing copy, which bills the development as “homesteading, Bushwick-style” and a place where one can find “like-minded settlers.” The building is located in an area of Bushwick that has been densely residential for more than 100 years, and is lined with 19th century row houses and mansions, not a “vibrant industrial setting,” as the copy claims. Massey Knakal is marketing the 120,000-square-foot building, which has 41 parking spaces and 12 years left on a 421-a tax abatement.

Controversial Bushwick Rental Building Hits the Market for $81.5 Million [NYO] GMAP
1209 Dekalb Avenue Coverage [Brownstoner]
Image via Bushwick Daily

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The first listings are out for one of Bushwick’s first large luxury-style rental buildings (a la Williamsburg), which Curbed was the first to spy. Aesthetics-wise, the most striking thing about the units at Colony 1209 is the dark paint tones: Navy, gray, and emerald. Prices for the eight listings range from $1,775 for a studio to $2,975 for a two-bedroom.

The building is located at 1209 Dekalb Avenue, in the center of residential Bushwick, not the loft area, on the J and M trains. Earlier this year, the debut of rental apartment building 949 Willoughby Avenue helped push Bushwick rental prices up 20 percent in one quarter, according to a report from real estate firm MNS at the time. Streeteasy shows 24 active rental listings in the building now.

Do you think there’s a market for apartments like this in Bushwick? What do you think of the design and location?

1209 Dekalb Avenue Studio  [Aptsandlofts.com]
Dekalb Avenue Debut Eyes Deeper Pockets to Colonize Bushwick [Curbed] 
Apartments Going up Near Bushwick Avenue [Brownstoner] GMAP

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    After a foreclosure and a sale last year, the five-story, 126-unit apartment building planned for 1209 Dekalb between Bushwick and Evergreen in Bushwick is finally rising. The Wyckoff Heights blog has some details on the fraud that led to the bankruptcy, as well as a rendering of what the building will look like when finished.
    Foreclosure Auctions Set for 2 Big North Brooklyn Lots [Brownstoner] GMAP

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      Two large lots that at various points were set to be developed in Williamsburg and Bushwick will go up for auction on March 1st, according to Property Shark. The first is the 95,275-square-foot lot taking up the entire block of South 8th between Kent and Wythe avenues, 36-54 South 8th Street (pictured). Developer Issac Hager paid $42.5 million for the site in 2008, and building permits were renewed here as recently as last April. The lien for that one is $29,854,019. The second lot is at 1209 Dekalb Avenue, a 44,950-square-foot lot between Bushwick and Evergreen avenues. The DOB approved plans there in 2007 for a five-story, 126-unit build. There’s a comparatively modest lien of $10,716,077 on it. GMAP

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