Set Speed Condo Report: 101 Wyckoff Lofts
The recent condo boom in Williamsburg and Greenpoint has brought potential buyers trekking out on the L train, at most, 3 stops into Brooklyn. But now, a not-so-new development in Bushwick has successfully taken buyers 8 stops out on the Dekalb Avenue L stop. WY 101 Lofts, as this building is known, offers 32 condo…
The recent condo boom in Williamsburg and Greenpoint has brought potential buyers trekking out on the L train, at most, 3 stops into Brooklyn. But now, a not-so-new development in Bushwick has successfully taken buyers 8 stops out on the Dekalb Avenue L stop. WY 101 Lofts, as this building is known, offers 32 condo lofts, with large windows and some with private patios. The building bills itself as high-tech, with high-speed wiring, video intercoms, private security and sound insulation. The apartments offer 12′ ceilings, sliding glass panels to separate bedrooms and central air conditioning. The kitchen/entertaining area offers stainless steel appliances, black countertops and externally vented cooking hoods.
Surprisingly, 26 out of the 32 units have been sold. These units range from 432 square foot studios for $232K to 1,152 square foot 1 bed, 2 baths for $525K. It’s surprising that so many buyers would pay $450-500 per square foot for this location. The larger units have monthly maintenance charges of $329 and taxes of $90 per month. Over 80% sold for this project is most likely a testament to the marketing genius of the broker, Lisa Maysonet. By the looks of it, she is one of Elliman’s top brokers, as we have seen marketing materials for “the Lisa Maysonet group” before. The Real Deal has even reported that she has retained a public relations firm for her group, Publitas LLC.
I haven’t visited this location yet, but a bird’s eye view on the Microsoft Live site shows an area with mixed residential and commercial buildings. Admittedly, I don’t know much about Bushwick, so hopefully the readers can drop science on why this building is viewed favorably by buyers. The building is located in the 83rd Precinct, which in 1990 had 77 murders and 80 rapes, but in 2005, this dropped to 15 murders and 40 rapes. (By contrast, the 88th Precinct, of which Fort Greene and Clinton Hill is a part of, has 19 murders and 54 rapes in 1990 and 1 murder and 7 rapes in 2005).
101 Wyckoff [Douglas Elliman] GMAP
Every Thursday, ltjbukem, whose own blog Set Speed scrutinizes the progress and quality of new developments in the area we know as Brownstone Brooklyn, pens a guest post about goings-on in the condo market with an emphasis on new projects.
I was born in Wyckoff Heights and I’m sad to hear that the yuppie scum are moving in. I guess no part of the city is safe from them anymore.
Bought a house in the heart of Bushwick- on Central avenue and Cornelia streets (one of those cookie cutter homes with all the meters showing- you know the ones the BROWNSTONER people love to hate). And i LOVE it! Not an ideal neighborhood my any means, but i like the sound of affordable space!!! Just the right combination of ghetto and historical. Still undiscovered by many and hoping it remains untouched a little longer. For now, i’ll enjoy the sights and sounds of old Dominican men playing Dominoes on the streets; Watching black girls braiding each other’s hair on the stoops; Men bbq’ing in their front patio; Little kids running around the hydrants during those hot summer days; the REAL Puerto Rican parade; the cheap Latin restaurants with delicous home cooked meals (and if i want trendier restaurants I can choose between Williamsburg and Ridgewood); The cheap drop off laundromats; the tons of beautiful churches; Fixer upper brownstones, row houses, old mini mansions, flat fixed shops; Cheap hair blowouts by Dominican women (the best hair blowdrys) and of course the wonderful L train. Do i wish i lived in Prospect Park or the UWS? ofcourse who wouldnt? But those places have already been sanitized and broken into and i consider myself a trendsetter, a pioneer if you wish- so right now my home is BUSHWICK “the town of the woods.” But hey, i wouldnt mind moving into Frederick A. Cook’s old mansion (still in Bushwick of course). I wonder who owns that place?
I rent out 2 of my 3 apartments in my home and i’ve never had problems renting them out at competitive Brooklyn rates. I’ve had wonderful tenants and would buy this house all over again. And by the way, i’m 8 blocks away from the L train and 8 blocks away from the J train and it’s a 35 minute ride to Union Square- and people are still lining up wanting to snatch up any of the 2 apartments. And they’re not even loft apartments. When i post on Craigs’ list looking for my tenants, i get many many many repsonses and even have to choose between the many potential tenants.
http://www.forgotten-ny.com/STREET%20SCENES/bushwick/bushwick.htm
This condo is more in the Wyckoff Heights area of Bushwick…very different from Bushwick proper and a very nice area.
I am 33 years old and I’ve lived in Bushwick for 29 years. I saw it all; the different races move in and then out, different culture, the drugs and crime. I witness the slow evolution over two decades. My family has been on the forefront of trying to change this neighborhood from the poor, unknown, and desecrated to the more decent, profitable and beautiful area to live in. It hasn’t been easy. Now, that we’ve invested our time, it looks like we can’t even buy property in this area because it is way too high. While we where the ones to fight landlords, tenants and the city for years, people from Manhattan and other areas are now benefiting from it. While Bushwick has changed there are some crucial parts that should be addressed and may be unknown to the buyers, such as schools. The schools are definitely in need of attention. Daycares are slim pick’ns too. As a working parent there is little or no after school and recreational activities in this area. On a different subject, I have a situation that I might have in common with other people in the community that buyers are not aware of. Due to my landlords ignorance and other landlords my neighbors leave me concern for our safety. What use to be the best block to raise children in (I was raise here) with 3 schools, two subway lines and a shopping area, etc., we now have to deal with city programs for the homeless and sick that my landlord has incorporated. This has brought drug spots and addicts to my area, which in turn will make us be subjected crime. I am not bitter about my neighbors: the homeless and the sick that live in my building. It’s about the quality of life for us and our children. Buyers I ask you have are you aware of this? Until the schools, crime and drugs are not addressed, the prices of the property, but in this area shouldn’t be so high. Take it from me. We will get there, but it may be a couple of more decades from now.
Well I’m smiling from ear to ear because I’m one of the lucky buyers! And after looking for a year and a half hoping to buy in to nyc real estate I feel like i’ve found a great place. We have a ton of space, the quality is on par with many of the condos in brooklyn that I previously looked at..and better if I can say so myself 🙂 I’ve looked at places that were priced much higher than these and the quality of the workmanship was awful. I’ve seen place with tiny tiny closets, thin wooden floors so you can hear your neighbors above you, smaller and for way more money. This place is totally sound proof, the bathrooms and kitchen are on par with many other so called luxury condos. ANd I’m happy to be moving away from Williamsburg (where I live now) which has become so bloated with people that you can’t even get a bite to eat without waiting for a half hour anymore. I will miss the amenties. But hey I own a piece of the pie.
we just bought a place in 101 wykoff, so this thread definitely has my attention. we’ve been going to northeast kingdom a lot to try and make sure it stays in business.
we’re definitely giving up amenities (we rent at bedford now), but the places are nicer inside than a lot of stuff we looked at. admittedly, we weren’t looking at the highest end stuff, but the finish here was nicer than places we saw in red hook.
neighborhood does require being more alert no doubt.
the price is high but didn’t seem insane. when compared to the suburbs maybe, but we’ve been looking for a awhile for over 1100 square feet in bkln (in the 400k range) and it’s a hard thing to find.
congrats on your house “soon-to-be-bushwickee”! our story is/was much the same as yours and the ‘adjustment’ from bedford area narnia was immediate and a total relief!
“Judging how long it takes to get home during rush hour doesn’t tell the whole story. The real story is how long it’ll take you to bring home your hot date on a Friday night. Watch the romantic mood be spoiled when you wait in the subway station forever to catch an L-train that only goes to Lorimer, then you both try to squeeze onto a shuttle bus in vain, then you give up and realize that you should just take a car service, but Metro Line and Northside both have a 40-minute delay. So how much is that inconvenience worth to you? Expect it to happen every other weekend. THAT’S the real story of life past the Lorimer stop, kids.”
God, what a tool you are. Most of us would trade larger spaces, less expensive rents, more diversity, considerably less twenty-something hipster clones for a BUSRIDE home 10 times a year.
I live by the intersection of Myrtle/Dekalb/Central, about a 10 minute walk or 4 minute bus ride from these lofts, or right by the Central station on the M line. It took some getting used to but I like the mix of different people and the convenience (2 train lines, 20 mins to Manhattan). More amenities are doubtlessly on the way. It is still possible to rent 1 bedrooms in the area for less than $1000 per month if you take some time.