For a few years now, there’s been talk about the Bed Stuy boom. Development’s going up, buyers are snatching up properties, record prices are being recorded. And here’s one more data point to add to the conversation. For the second sales quarter of 2015, Bed Stuy saw the most home sales activity of all Brooklyn neighborhoods. REBNY released data for the quarter and found sizable average price increases of 9 percent year-over-year in Brooklyn and Queens. Bed Stuy had the most sales of any Brooklyn neighborhood — 183 transactions! — followed by 137 sales in Bay Ridge/Fort Hamilton. The average selling price for Bed Stuy properties is $874K, up 21 percent from last year. The median price is $850K. Condo prices average at $651K, a 15 percent jump from last year. Three-family homes average at $937K, up 25 percent.
Speaking of booms, I snapped this photo of demolition underway at 410 Tompkins Avenue, off of Hancock. The three two-story brick buildings will be replaced by a 35-unit luxury building that looks atrocious. According to signs on the construction fence, demolition will last through August.
I noticed construction going on at 405 Gates Avenue, a prominent three-story building on the corner of Nostrand Avenue. Turns out the building has a very interesting history — according to Brownstoner, it was built around 1888 as a public meeting house known as Arlington Hall. It was commonly used by fraternal organizations and societies as the area became home to an upper and middle class. According to writer Montrose Morris, “From what scraps of information I’ve gleaned, the building originally had meeting rooms, offices, a dining room and a bowling alley.” It was boarded up in the 70s and fell into disrepair.
405 Gates Avenue in 2006. Photo via PropertyShark.
Current construction will restore this building for commercial purposes. The architect, Marianne Russo, reported that the project faced delays with the Department of Buildings. But everything is back in order with the Department of Buildings, she said, although she couldn’t give a construction timeline. While the building suffered from some serious neglect, the team is trying to maintain the facade as much as possible. It’ll be great to see it open to the public again!
While I was living on the Prospect Heights/Crown Heights border, I watched as the development company Hello Living plopped down one development after the other in the area. All of the developments have a pretty distinct look — glassy and boxy. A few years ago, Hello Living started moving toward developing in Eastern Crown Heights. And now they’ve made it to Bed Stuy.
This 10-story, 50-unit rental development (to be called “Hello Fulton”) is coming to the former gas station at 1520 Fulton Street, right off the Kingston/Throop station. The Real Deal reports that the “nearly 56,000-square-foot building will feature mostly two-bedroom units with private elevators that open directly into the apartments. The apartments will flow from the front to the back of the building and have large terraces in the back.” There will also be ground-floor retail space. No word on the construction timetable, or pricing for the rental units. Hello Living paid $7.3 million for the site this March.
So I stumbled across this construction site on the corner of Dekalb and Nostrand. The Department of Buildings approved a new building application this month for seven stories, 28 units and 25,215 total square feet. Construction should last through the spring of next year. The architect, Isaac and Stern, have fancy renderings up at their website:
627 Dekalb Avenue, renderings by Isaac and Stern Architects
Looking through the architect’s website, I also found a rendering for a massive project they are designing right on the border of Bed Stuy and Clinton Hill. This one is at 168-184 Franklin Avenue, on the corner of Willoughby:
180 Franklin Avenue, rendering by Isaac and Stern Architects
The DOB issued a new building permit
for this last month. It will be a five-story building with 118 units, 104,000 square feet, and a garage at the first floor. I like this design more than the one proposed for 627 Dekalb Avenue, which is a little more bland. Do you have a preference?
Check out what’s coming for 281-291 Tompkins Avenue, on the corner of Lexington. Permits indicate that the developer won’t demolish the existing brick building (which previously housed commercial tenants) — it will actually be expanded. And while permits also say the final product will contain 31 apartment units, the development looks like it could hold much more than that. The design looks like something that belongs in Williamsburg, don’t you think? My guess is that the Community Board wouldn’t love it. The architect of record is Nataliya Donskoy, who isn’t always known for exceptional building design.
A sign on the construction fence says construction will last until the summer of 2016. The developer is Brooklyn-based firm The Iconic Group.
Here’s a status update on the big new development planned for 1320-1328 Fulton Street, right off Marcy Avenue. Excavation work is underway, although there hasn’t been much progress since Brownstoner checked last November. This’ll be a 10-story, 57-unit apartment building designed by Curtis + Ginsberg Architects. There’s also going to be commercial space in the cellar and on the first two floors, as well as some below-ground parking.
The lot is owned by the Fulton Street South Redevelopment Company. The company also owns the Section 8 Housing building next door, although it doesn’t look like this new building will hold any affordable housing.