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 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.