|
POST INDUSTRIAL
PROPERTIES NEWSLETTER #1
IT CAME FROM BUSHWICK
or ADVENTURES IN "L"IFICATION
There's been a lot of commotion made about Bushwick
(if your buying) East Williamsburg (if your selling) over the
past year, with many brokers, developers and real estate soothsayers
calling it one of the next "it" Brooklyn neighborhoods
as "L"ification continues on its easterly rampage. With
several low key condo projects already in the works, and scores
planned, new cafes and the first tremors of retail growth moving
through the area, everyone is paying close attention to where
this neighborhood is heading over the next 5-10 years. As these
areas absorb the the gradual exodus of not only pioneering hipsters
but artists, businesses, professionals and yes families, seeking
lower rent, more space or the chance to own a small bit of the
borough of kings, the opportunity for upside and growth will no
doubt increase.
SIGNATURE
PROPERTIES FOR SALE
68 Stanhope: Historic Brownstone
with Carriagehouse
![]()
68 Stanhope is representative of high-end conversion
properties, which are ever fewer and farther between. Even in
these fringe areas. This property sits on an extra wide lot
totaling 6100 SqFt, much of which is vacant with several thousand
feet of air rights to use as you please. In the front there
is a turn of the century brownstone. A stained glass entryway,
antique kitchen, original woodwork, and original fireplace.
A dramatic brick frame with large floorplates allows for abundant
opportunity to meld old with new. Stationed behind the brownstone
at the end of the driveway is a still raw carriage house; just
the bones remain in this lofty space. The open floor plan would
respond well to a modern conversion.
Properties like 68 Stanhope are drawing high
end, creative buyers, fed up with cramped spaces in Manhattan,
who want space to live and work in relative comfort. Gems like
this dot Bushwick, East Williamsburg as well as Williamsburg
and Redhook; however, they are more picked over and few remain
on the market.
See complete
68 stanhope profile
188 Meserole: Vacant Corner Building &
Lot
![]()
188 Meserole is a prime opportunity for mid-upper
tier rental renovation or starter condo development part of
a trend thats spreading like wildfire in the neighborhood. The
dearth of affordable housing makes this opportunity an interesting
investment and development play. As it stands the building can
be operated as mid-upscale rental units while you prepare plans
for a ground up construction on the vacant lot. Or knock down
the building and create an integrated development with over
100 and 50 feet of frontage! for prime retail and visibility.
Also the unusual L shaped configuration allows for a unique
private enclave in the back part of the lot of humboldt while
maximizing FAR (floor area ratio) and height for the prime corner
spot.
Complete
profile for 188 Meserole
Industrial Loft Building with Atrium on
Johnson
![]()
This is a truly amazing loft building with cavernous
interior spaces, skylights, a vaulted atriumm with 30 foot ceilings
and private courtyards located near the Jefferson L station.
The owner is a high end contractor who has done a lot to preserve
and enhance the interiors of the space and has kept the building
in impeccable shape. With over 25,000 sqft this complex of dramatic
industrial structures an intereting landscape for any artist,
architect, dreamer, contractor or business to inhabit. The zoning
is m1-1 so the bulk of the space should be utilized as a commercial
building, Much of the space could be rented at a premium to
artists, designers and photoshoots with spaces in the neighborhood
routinely renting for $1.30/sqft and up for commercial studios
and over $1000/day for shoots. This property may not be for
everyone, but it is a rare chance to own a stunning industrial
complex all too rarely left intact.
Complete
profile for Johnson Industrial Complex
|
|
Bushwick Video Portait
ABOUT BUSHWICK
1) Loft Office
and Retail: As Bushwick and East Williamsburg
grow in stature more and more loft buildings are starting to attract
pioneering creative and professional businesses boosting the local
economy and desirability as a work locale. Bushwick is also finally
starting to see some activity on the retail front with several
new resaurants, coffee shops and galleries especially along Bushwick
Ave and Bogart Street, adding to the appeal and long term potential
for the neighborhood.
See Bushwick
Loft/Office Listings
2) Jefferson Stop:
The rise of the Jefferson stop home dozens of dramatic loft and
warehouse buildings many of which are still industrial but have
seen an influx of artist studios and loft/office space. New retail
is coming along flushing near the subway. Area highlights include
the Office Ops event complex complete with giant thrift store
and also a dramatic new 12,000 sqft film production studio space
somewhat akwardly called the "Nut Roaster." There is
also a phenomenal hole in the wall
3) Condos:
(from the Real Deal) No Brooklyn neighborhood saw as sharp
a spike this year in new unit plans submitted as Bushwick, just
to the east of East Williamsburg. From 2004 through 2005, plans
were filed for 53 units in Bushwick. In the first eight months
of 2006, developers submitted plans for 366 units, a 600 percent
increase over the previous two years combined, though much of
the increase was largely on the strength of one big project, the
184-unit 358 Grove Street.
ps: One of our favorite developments
du jour is 768 Hart Street, nearly sold out in a tasteful five
unit development. There's one apt left for $249,000...Inquire
here
See complete
768 Hart St. Profile
|
