After $58 Million Sale, Developers Say There’s Still “Room For Rents To Grow” in Bushwick
Image via Colony 1209
It’s no secret that Bushwick real estate seems locked into steep (even “abnormal”) upward trajectory, and this week the neighborhood hit another big milestone, with the whopping $58 million sale of Colony 1209, a new luxury apartment building near the Central Ave. M stop. “People have been talking about Bushwick for a very long time, but something like this has never happened,” said the founder of Aptsandlofts.com, which is handling the building rentals.
The building that now houses Colony 1209—which bills itself as a “modern residences in a vibrant industrial setting—re-imagined through artful eyes”—was originally planned as condos, but was picked up by Read Property Group at a foreclosure auction, then developed more or less according to the original plans, and now flipped for what can safely assumed to be a pretty hefty profit. Crain’s notes that “the trade is indicative of the confidence industry experts see in Bushwick,” and the founder of Brooklyn real estate firm TerraCRG told the site, “There is a lot of upside here. And I think the pricing they got speaks to the fact people really believe there is room for rents to grow.”
As it is, the cheapest apartments in the building are studios that go for $1,800, and the most expensive currently listed is a $3,323/month 2-bedroom. For a building that’s seen as a harbinger of Bushwick’s ongoing move toward upscale development, their marketing copy takes the theme of pioneering, um, a bit far. From the website:
“HOMESTEADING, BUSHWICK-STYLE. Here in bohemian Bushwick, Brooklyn, you’ll find a group of like-minded settlers, mixing the customs of their original homeland with those of one of NYC’s most historic neighborhoods to create art, community, and a new lifestyle.”
[…]
“WE ALREADY SURVEYED THE TERRITORY FOR YOU. Once you’ve discovered the burgeoning art scene, cutting-edge eateries, historic mansions, yoga studios, and parks, you’ll feel like a Bushwick native in no time.”
If you manage to ford the river without incident, that is. Unclear if they mean “homesteading” in the strictly Lockean sense of acquiring unused land through labor “at least where there is enough, and as good, left in common for others,” but in any case, the building also includes a gym and an “authentic Speakeasy.”
Follow Virginia K. Smith on Twitter @vksmith.
