The looming shutdown of the “L” train has helped to shift some market forces to a certain extent in favor of the Bushwick, Brooklyn neighborhood. Similar to the boom in Williamsburg and Long Island City, waves of new residents are drawn to the easy commute into Manhattan and relatively reasonable pricing for housing.
The J,M, Z, G, C and E lines which run parallel to the “L” train will be the train lines in use when the “L” shuts down for at least 18 months.
Demand is strong for the property types of 3 and 4 family houses since there is no rent regulation involved, as well as mixed use and commercial properties.
Recently a sale at 117 Wilson Avenue, a mixed use building with 3 residential units plus one store sold for $2.5M or $606 per square foot.
The Commercial market in Bushwick is strong, for example, Developer Cayuga Capital Management purchased 348 Troutman Street and 199 Starr Street in 2015 for $10.5M or $510 per square foot. Planned for these properties is Punch Bowl Social, a 20,000 square foot bowling alley and a bar/ diner.
Another Commercial development of note is located at 95 Evergreen Avenue where Hornig Capital Partners, Savanna and Chelsea Village Associates are transforming the former Schlitz Brewery into 170,000 square feet of office and retail space. The property was purchased in 2015 for $33.7M.
Still another office/ retail project in the works is Deergrow Developments purchase of 839 Broadway in 2015 for $11.5M. This 30,000 square foot space has been developed into office and retail space. New tenant Cowork/rs has signed a 20 year lease.
Smaller residential development sites are selling, but developers are being cautious.
Currently 3 and 4 family houses are the most popular property types for investors and families looking to plant roots in the Bushwick neighborhood. For example, 675 Knickerbocker Avenue, a 3,600 square foot, 3 family brick townhouse recently sold for $1.2M. Listing Broker Cushmnan Wakefield received 18 offers on this property.
Accord Real Estate Group is currently marketing a 2,000 square foot, 2 family townhouse, located at 12 Stanhope Street (just off of Bushwick Avenue). The asking price is $849,000.
For more information on this property or if you are planning to sell your property in Brooklyn NY, call us at 718-375-2065. You will be very happy that you did.
Accord Real Estate Group
