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 call it 8 stops into Brooklyn not out. And if market determines price – how are people claiming overpriced.
(and I don’t even know where this place is)
I agree that the area isn’t Williamsburg, but it does have potential. There is a repected hospital (Wyckoff Heights Medical Center) with surrounding health-related practices, chain stores, a fairly new restaurant, post office, supermarket and football/track/soccer field nearby. Well kept Ridgewood rowhouses are close by, but Bushwick 6-family houses need TLC. It could be a good mix with work to help the neighborhood. If, however, you’re looking for Starbucks around the corner, this hood isn’t for you.
Nice to see Bushwick getting it’s due. From Montrose out to Dekalb alot is happening. The amenites are coming. I have lived in the nabe for almost 3 years now and so much has changed. Northeast Kingdom off the Jefferson L stop is a great little restaurant and closer to me Montrose Cafe is very nice as well. 4 or 5 Cafe’s now dot the areas around Montrose/Morgan along with a few bars a great dvd rental/coffee shop called The Archive and right next to that is Brooklyn Natural which is developing into a very nice gourmet food shop. As for safety personally I have never had any trouble nor has anyone I have known that lives in Bushwick although I have heard of some muggings on occasion.
also there is a post office right on dekalb, several varities of grocery stores around the area (the veggie market is best for fresh produce), rite aid, hardware store, etc on knickerbocker.
These lofts seem overpriced.. but…there are several other buildings right there at the dekalb stop selling loft condos too so I guess there is demand – even at the high price? A huge number of artists are moving their studios out to east w’burg – not far from here and I sense that the migration/eventual gentrification will continue. Safety hasn’t been an issue for me – always feel fine using common sense.
Dekalb is a very active, neighborhoody L stop. Take a right and you’re in the ‘whick, take a left and you hit the stretch of awesome Ridgewood row houses. (I so wish we bought there when it was undiscoverd and affordable)
Granted Dekalb is not Bedford so ‘amenities’ are not up to hipster-snuff. But there’s a grocery store right there, a Baskin/Dunkin and a fun Mexican ‘diner’ right on the corner (get the chorizo tacos or the chicken mole) So it’s not devoid of everything, but it is extremely up and coming.
Still, overpriced in my eyes. I think going 8 stops out for 450k is a stretch. We bought a house not far from there a few years ago. I had, and have, no pie in the sky dreams that the neighborhood will become Bedford-lite. But we are happy in our oasis.
(oh, and if it’s morning rush hour there’s no gaurantee of a seat, even 8 stops out!)
i went to view these this past summer. the building and the apartments themselves are okay, but the surrounding area leaves a bit to be desired. the psf prices seemed way too high for eight L-stops into bklyn. if the market turns, i got a hunch that the buyers of these units are gonna feel a lot more pain relative to others.
I lived a couple of blocks from there, and while a lot of artists and hipsters are moving into the neighborhood, there are no amenities at all (although a really great new restaurant just opened up down the block). This neighborhood has a very long way to go, but it does have the convenience of the L train.
I worked with some buyers from Manhattan who, operating on the principle that everything on the L train must be OK, went to look at these. They loved the space and light, but when they walked around the neighborhood, they realized that this was not Williamburg and decided aginst them.