Many residential real estate investors had identified Bushwick, Brooklyn as a neighborhood with future potential. As recently as four years ago, property values in the area bespoke of bargains in a real estate market on the brink of collapse. Now four years later in response to the residential development, cafes, bars, an art gallery and even an organic grocer have set up shop in the area. The Knick, a “green” condo building with forty-nine units opened last spring. Castle Braid Apartments, a 144-unit complex also recently opened and the developer, Mayer Schwartz is offering up to six months’ in free rent to tenants who improve the building’s asthetics. In sum, with its substantially lower rents, both for retail and residential tenants and its easy access to public transportation, Bushwick has become an up and coming area in Brooklyn! For investors and developers who made calculated bets on this area’s future potential, it might very well be an investment that will pay high returns as Bushwick continues its regentrification. Multifamily and single family properties values are still meaningfully discounted in Bushwick area as compared to their Williamsburg and certainly their Manhattan neighbors.
[Data Source: Crain's New York Business, April 18-24, 2011 Issue]
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