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.
anon 12:24: i was born in brooklyn, my mother was born in brooklyn, and my grandmother was born in brooklyn. yeah, that’s what i thought, punk.
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.
9000….as in SAAB 9000???!! GENTRIFIER ALERT.
cacobo, bocaco, cobaco, coboca acoboc caboco, ocobac, bacoco, cabo wabo, baba booey, cocabo
screw you guys, bococa is here to stay!
bococa = retarded, lazy, and just plain lame naming scheme.
We just went into contract on a sweet little 2 family brick bow-front rowhouse from 1910 with all of its orginal details – on the Wyckoff-myrtle stop. I have lived on the Bedford stop on the “L” for about 10 years, so 9 stops out was indeed a huge mental leap. I spent lots of nights and weekends walking around the neighborhood after I “discovered” it. I timed the train – I didn’t realize that I could get that info “pre-packaged.”
I just happened to stumble onto the rowhouses along Putnam, Cornelia, and on down, and was truly surprised – I had no idea Bushwick had this quality of housing stock. They are modest – a lot like the 2 story brownstones in Sunset Park/Crown Heights – but well kempt and owner occupied. After looking at a 2 (not many come onto the market – not much turnover) I felt LUCKY to get a bid in on the house we did.
Houses of this type are already creaping up from where they stood 2-3 months ago – as much as 50K more. Head on over to 11237.
FYI – both the “M” and “L” run out of the Wyckoff station – nice to have 2 trains.
I’m a retard because the borders of those neighborhoods are vague? Come on.
I’m glad to see that someone is finally describing property in terms of subway stops and crime rates. The reason it is described as “eight stops out” is that many of us would have to ride those eight stops to pick up our paycheck to pay that mortgage, plain and simple.
And as much as I love architecture and neighborhood culture, please continue to add crime rates to the mix. It helps a lot.