N. 4th St. between Driggs Avenue and Kent Avenue had the largest increase in retail rental prices over the last year, where prices increased by 34 percent according to a REBNY study that looked at 16 of Brooklyn’s “prime retail corridors,” The Real Deal reports. Williamsburg’s N. 4th Street has seen a proliferation of corporate chains set up shop over the past couple of years including Whole Foods, Levis, Scotch & Soda, and Chipotle.
Still, on nearby Bedford Avenue between Grand Street and N. 8th St. prices decreased by 11 percent to $351 per square foot. Rents in Williamsburg may drop further after the L train shuts down between Manhattan and Brooklyn for 15 months beginning in April 2019.
In Greenpoint, Franklin Street between Meserole Avenue and Commercial Street saw no change in the $74 per square foot price for groundfloor retail since last year, according to the study.
The Former St. Elias Church, the iconic 1870 landmark brick building at 145 Kent Street, is going to be a monster single-family home if developers have their way. The church has been sitting vacant for more than a decade. In 2007, Hirsch Enterprises, a company specializing in church conversions, purchased the property for $3.5 million, hoping to cash in on the red-hot local property market, but it has yet to see a return on its investment.
The former Russian-Catholic Rite church offers a huge interior covering 13, 800 square feet, but the property has proven difficult to develop and sell for a number of reasons. The church is landmarked and any development that alters the gorgeous façade must be approved by the landmarks commission. Did we also mention the $7.1 million price tag, which might inhibit all but wealthy buyers? Continue reading →
Together, the two buildings will bring 325 new apartments to Greenpoint. Additionally, 6,000 square feet at 22 Clay Street will be set aside for commercial space.
This is not the first time that major developers have tried to build on land near the Nuhart site that is considered highly-contaminated. In June, the neighborhood organization Neighbors Allied for Good Growth lodged a petition against Greenpoint Landing’s proposed K-8 school, which is slated to be built across from the factory space.
While many Greenpointers find it difficult to cheer constant “luxury” real estate development in the neighborhood, the situation may yield one perk: the housing lottery. The newest spot with apts on offer is 977 Manhattan Avenue, between India and Huron. The entire 14-unit building is going for a cool $14.25 Million, but New Yorkers earning 60% of the area median income can apply for 3 1-bedroom apartments, each asking $1,020/month, including utilities.
The environmentally conscious among us might be excited to know that the building is Green Certified, and sports energy-efficient elements, including solar panels. Other perks include a bike room, central air, and in-ceiling speakers. Continue reading →
Happy Holidays, Greenpoint! Greenpoint’s festive lights, abundance of holiday markets, and glorious array of bakeries has us all set for merry making. While we have some great ideas for last minute gifts, the news this week points to one big ticket item: if all you want for Christmas is a condo… you’re in luck. Two more properties in the area have been acquired by development firms.
Meanwhile, the waterfront esplanade promised in front of The Greenpoint, a 40 story development still in progress, is beginning to take shape. Private developers are required to create public park land, and to cede that land to the city, as part of the 2005 rezoning agreement. The esplanade should be complete by the spring.
If all this redevelopment is getting you down, here’s something that might bring a little cheer: the Queens Museum has a stunningly accurate 1:1200 scale model of New York City. The model was first commissioned by Robert Moses for the 1964 World’s Fair, and has been updated over the years. In order to maintain the model, the Queens museum is “selling” the miniature properties. For $100, you can buy any apartment you like, and even get a deed in the mail.
If the trucks, dust, and noise of recent months haven’t been self-evident enough, the Northwest corner of Greenpoint is now bracing itself for more of the above.
In a meeting held Tuesday between developers, city officials, and community representatives, Council Member Stephen Levin attested to the notion that we’re more or less exiting the warmup phase of the current development cycle and heading for the main event.
“The reality is that the pace of development has sped up over the last six months to a year,” he said. “Even since we first start meeting, the pace of development has really accelerated. That’s because the economy’s doing well, banks are lending, developers are getting in the ground, and things are moving.”
Organized by Neighbors Allied for Good Growth (NAG), the meeting gave residents an opportunity to ask some tough questions and hear a slightly more unscripted perspective from developers.
Hot topics included Greenpoint Landing, the West Street project (what’s the deal with all those missing trees?), environmental remediation at NuHart, and the not-so-promising future of Greenpoint’s parking situation. The aftermath of the infamous Halloween rave also received some airtime (for those curious, fines will be levied, but the amount is still undetermined).
That construction is inevitable (and that it’s inevitably a nuisance) is hardly breaking news, but it seems as though residents still have a window of opportunity to air their concerns and perhaps influence the direction some of this taking. The public comment period for the Nuhart State Superfund remediation, for example, is still coming up.
In the meantime, here are a few of the latest updates from the land of jackhammers drilling into toxic soil. Continue reading →