Developers Snatching Up Vacant Lots in Bed Stuy
Developers can’t get enough of Bed Stuy–in large part because of the number of vacant lots (and absence of landmark restrictions – ed.) that make putting up a large building so much easier. Over the last year, 65 vacant properties in Community Board 3 changed hands, according to a Pratt Center for Community Development analysis….
Developers can’t get enough of Bed Stuy–in large part because of the number of vacant lots (and absence of landmark restrictions – ed.) that make putting up a large building so much easier. Over the last year, 65 vacant properties in Community Board 3 changed hands, according to a Pratt Center for Community Development analysis.
Prices for the dwindling supply of vacant lots in Bed Stuy have doubled in the last two years, according to a New School University-Pratt study. An 18-foot-wide, 100-foot-long parcel at 241 Vernon Ave. sold in March for $280,000 – a cost of $157 per square foot – about what other properties have gone for recently. A developer paying that much has only one option: Condos.
The average price of condos sold this year at locations such as 895 Myrtle Ave. and 191 Spencer St. is $325 per square foot, still cheaper than the overall Brooklyn average of $482, according to Halstead figures.” But that figure could rise with fancier developments on the way: A new six-story project planned for Myrtle and Nostrand Aves. will have 72 apartments, 16,500 square feet of commercial space and a 42-car garage.
Developers Snapping Up Lots in BS [NY Daily News]
I have seen the lofts at dekalb, Very Nice
Lofts on Dekalb — new construction, very so-so location — closest train is a hike and is the G at Myrtle/Willoughby, directly across from the Marcy Houses. I think high prices considering the area, but it’s just an example of how Bed Stuy has taken off. Opne house tomorrow from 5 – 8 pm. I may check it out.
I am actually not all that opposed to condo development (Ratner aside), I just wish we could get a better class of developer over here.
Anyone know anything about “The Lofts on DeKalb?” decent prices, so-so location, apartments look very nice at first glance. Corcoran seems to have the listings.
Now that the down-zoning in Greenwood Heights/southsouthsouthsouth slope is just about a done deal developers are looking for other fish to fry. Get ready folks! The pan is getting hot.