New Bushwick Condo Boldly Braves the Bear Market
In a sign of either bullishness or outright hubris, a new condo building is launching this week at 375 Menahan Street in Bushwick. Four blocks from the Wyckoff L train, the six-unit project will range in size from a 600 to 1,043 square feet and in price from $259,000 to $329,000. Five of the six…
In a sign of either bullishness or outright hubris, a new condo building is launching this week at 375 Menahan Street in Bushwick. Four blocks from the Wyckoff L train, the six-unit project will range in size from a 600 to 1,043 square feet and in price from $259,000 to $329,000. Five of the six units are one-bedrooms. Aptsandlofts.com has the listing. We shall see! GMAP
Totally agree on the location, mopar–this area is so much better than the L stops closer to Williamsburg. And there’s a lot of good cheap eats….
dirty hipster, did you find a one bedroom for $1000 of the Bedford L? Because that would be quite the surprise.
I live about two blocks from here. This is a sweet neighborhood with lots of great restaurants and hipster art events and music, if you’re into that. I love my neighbors. The recent Mexican immigrants are a very positive presence. As far as I’m concerned, it’s the best part of Bushwick. It’s more residential than the lofts, and it’s close to Northeast Kingdom and other fine spots.
The L-M Myrtle stop is very convenient and gets you into Williamsburg, Union Square, or the Lower East Side very quickly.
As for the price, it seems reasonable for a new-construction condo. For some perspective: In 2005, you could have bought 1,000 sf of raw loft space down the street for $250,000. In 2007, Apts & Lofts was selling similar apts for slightly more money in a less desirable area of Bushwick near the Myrtle JMZ.
However, it is more expensive than renting or buying a whole house. Similar space runs about $1600 a month in rent. Three families are about $650,000; two families range from $430,000 to $520,000.
The maintenence is low because of a temporary tax rebate. Could be an issue when you sell.
What they’ve done here is convert a six-family railroad tenement into open-plan modern lofts.
Obviously, this is for people who like a modern look. And who are single.
I was seriously looking for a rental apt out in this neck of the woods before I moved to where I am now off the Bedford L – as I really wanted to have a 1 bedroom for around 1,000 bucks a month. Most apartments are railroads, which landlords try to pass off as a 2 bedroom and try to charge around 1,200 – 1,300 bucks. Buying the $259,000 apt with 20% down would make your monthly cost around 1,300 – 1,400. That’s not a whole heck of alot more to own. You could probably rent these out easily to cover your mortgage.
“Personally I would never buy there, at just about any price, and definitely not now, when the gentification wave has reached its high point, and is rapidly receding.”
What in the hell are you talking about?! Current home buyers? Sure, probably.
But what, no one new is renting in the hood? No other developments or fixed up rentals are on pace? No new restaurants, etc?
No stats = asstalk.
450 psf – fair enough. I used the larger units for my calc.
I have also seen these 300k houses in Bushwick, but they are usually in terrible shape. The decent ones seem to hover around 600k
That said, I agree that Greenpoint/East Williamsburg (lets say the Graham stop) would def be more desireable as far as commute/ameneties go…..but aren’t prices still hovering around 600 psf?
I would take the location of these Bushwick condos in a heartbeat over the places around the Grand/Montrose/Morgan stops. Essentially similar ameneties, and you aren’t near two giant housing projects (williamsburg and bushwick houses) It’s definitely quieter out there in the bushwick/ridgewood DMZ.
These personally aren’t for me – but i can see they would be appealing to someone looking for a starter place.
DH – Actually, these units are $425 – $479 psf, other than the 2 duplexes with recreation rooms (that is, basements) that are a bit cheaper as a result.
That being said, I admit I may have exaggerated – prices are not below $500 psf yet in places like Greenpoint or the eastern edge of Williamsburg (neighborhoods which I consider much more desirable than Bushwick), but they are probably headed that way.
I also admit that $450 psf might be an OK price for Bushwick, although I see entire houses asking less than $300,000. Personally I would never buy there, at just about any price, and definitely not now, when the gentification wave has reached its high point, and is rapidly receding.
Paul C
Please provide examples of 300 psf new construction in “nicer” areas.
Thanks,
DH
Craphole, huh? I will agree that the majority of CORNERBODEGAS in Bushwick are crapholes.