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