The Real Deal New York

Bed-Stuy / Bushwick neighborhood news

  • alhambra

    From left: 783 Knickerbocker Avenue in Bushwick as Alhambra theatre and child care center

    A conversion is in the works to turn the site of the historic Alhambra Theatre in Bushwick into 24 apartments. [more]

  • Rendering of 1255 Bushwick Avenue (Credit: Brownstoner via Brookland Capital)

    Rendering of 1255 Bushwick 

    Isaac & Stern have released a plan to convert a Bushwick church into a residential apartment building with a four-story addition.

    Brookland Capital purchased the Holy Tabernacle Church of Deliverance at 1255 Bushwick Avenue for $1.95 million in June, but as of yet no permits for work on the property have been filed. The increasingly busy avenue has become a mix of commercial and residential development in recent years, Brownstoner reported. [more]

  • bushwick

    Rendering of Rheingold Brewery site

    Despite an outcry from Bushwick residents, the City Planning Commission won’t challenge the local community board’s hush-hush approval of Read Property Group’s plan to build apartments and retail space at the former Rheingold Brewery site.

    Neighbors accused Bushwick Community Board 4 of illegally approving the plan in a meeting closed to the public. Read Property proposed changing nine blocks of Bushwick from industrial use to residential use to accommodate several rental buildings on a mostly vacant 6.7-acre site. [more]

  • rheingold

    Rendering of development on former Rheingold Brewery site in Bushwick, and Diana Reyna

    City Council member Diana Reyna is investigating Community Board 4’s allegedly unpublicized approval of the Read Property Group’s plan to build high-rise apartments and retail space at the former Rheingold Brewery site in Bushwick. [more]

  • New development construction in Bushwick

    New development construction in Bushwick

    Although many young renters are moving from Williamsburg and Bushwick into the more working-class neighborhood of Ridgewood, Queens, as The Real Deal reported in its August issue, Bushwick still remains active with residential construction projects seeking young renters, according to the New York Times. [more]

  • Buying a memorable staycation

    July 28, 2013 12:00PM
    South Down Lakes Region, N.H.

    South Down Lakes Region, N.H.

    From Luxury Listings NYC: If you ask Dan Dicarlo where to find value, the 42-year-old retired Wall Street trader will tell you the Sandy-ravaged Jersey Shore. That’s where he found his second home. [more]

  • Christy Romero

    Christy Romero

    A report released by the Treasury Department’s Troubled Asset Relief Program reveals that its mortgage modification program appears to have been helping servicers more than homeowners, the New York Times reported.

    The report, by Christy Romero, the special inspector for TARP, reveals that although more than a third of homeowners who received loan modifications under TARP’s mortgage modification program have since stopped paying, banks and other mortgage servicers kept the money they received for modifying those loans. [more]

  • Guy Geier

    Guy Geier

    The largest construction and architecture firms are seeing healthy growth in their employment figures, suggesting a rebound in building activity, Crain’s reported.

    Full-time employment at the top construction companies was up 1.6 percent in 2012, while the number of architects at the largest firms was up 8 percent from a year earlier. Though the job gains at many architecture firms were less than those seen in the first years of the millennium, there are those who insist that ultimately, that is a good thing. [more]

  • From left:

    From left: Shameika Wade and Bed-Stuy properties

    A Corcoran Group broker has distributed flyers in Bedford-Stuyvesant trying to persuade brownstone owners to part with their valuable townhouses — a far cry from the days when house-flippers would offer to buy brownstones in any condition, Brownstoner reported. The leaflet, distributed by salesperson Shameika Wade, warns that no one is building new brownstones, meaning that prices in the neighborhood will increase, and points to two recent record sales. [more]

  • From left: Councilmember Diana Reyna and the CastleBraid apartments in Bushwick

    As discussions about a Bushwick rezoning bid take shape, some locals are hoping to prevent the neighborhood from becoming the next luxury condominium-filled Williamsburg. The Wall Street Journal reported that community leaders, such as Councilmember Diana Reyna, are seeking to influence the development that some see as inevitable.

    Reyna, for one, wants the rezoning to look different than the one that took place in Williamsburg and Greenpoint seven years ago and paved the way for high-density luxury developments and rental buildings to overtake industrial properties. Reyna, instead, wants low-rise developments to populate the industrial Bushwick, so a strong presence of affordable housing and for local jobs to be preserved. [more]

  • Green Fitness Studio

    Bushwick may already be famous for its gritty industrial ethos and its throngs of hipsters. Now a local environmentally conscious gym is looking to up the ante. Green Fitness Studio, located at 232 Varet Street, wants to let its hot and sweaty members cool off with a Pabst (PBR, in Williamsburg-speak) and has submitted an application for a liquor license to prove it, according to DNAinfo.

    The multi-level gym is known for its recycled workout equipment, grass-covered roof, capoeira and yoga classes, but it could soon become a host to rooftop events in the evening. [more]

  • A rendering of the Pitkin Theater renovation (credit: Brownstoner)

    A $43 million adaptive reuse project in Brownsville, Brooklyn is now complete, Curbed reported. Two years ago, developer POKO Partners embarked on the redevelopment of the Pitkin Theaternto, a complex that includes retail and the Brownsville Ascend Charter School. [more]

  • The Slave Theater

    Would-be buyers have expressed interest in the famed Slave Theater in Bedford-Stuyvesant, Brooklyn, the New York Daily News reported. This news comes on the heels of reports last week that the theater’s foreclosure auction last had been canceled; there were rumors that a new purchaser had been found. There are a total of five interested parties being considered, sources said.

    Although the Daily News does not name names, the paper says one developer wants to spend $74 million to bring a Red Roof Inn as well as another theater to the site. [more]

  • From left: Jonathan Solari, artistic director of the New Brooklyn Theater, and the Slave Theater

    There’s a new Kickstarter campaign to buy the Slave Theater in Bedford-Stuyvesant, Brownstoner reported. The non-profit New Brooklyn Theater is behind the effort and aims to raise $200,000 by early October for a down payment on the building’s purchase. So far, $15,113 has been raised by 66 backers.

    The New Brooklyn Theater pledges to restore the crumbling theater, use it as a showplace for Brooklyn artists and sell affordable tickets. [more]

  • Drooling over Bushwick

    June 15, 2012 04:00PM

    The CastleBraid apartments at 114 Troutman Street in Bushwick

    From the June issue:  Much like once-obscure Soho in the 1980s, Bushwick is a magnet for today’s artists and hipsters. And real estate players are now hoping to get in on the action.

    Developers are salivating over sites in Bushwick, industry experts said, especially as nearby Williamsburg has transitioned from a gritty industrial area to an expensive residential neighborhood. Bushwick is still relatively affordable in comparison, but is seeing strong demand for rental housing. [more]

  • (source: MNS)

    Brooklyn rents ticked up 2 percent in May and now sit 10 percent higher than they did during May 2011, according to a rental market report released today by brokerage MNS. Studio apartments in the borough now cost an average of $1,791 per month, a 10.8 percent annual increase, one-bedrooms go for $2,354 on average, an 8.3 percent jump from May 2011, and two-bedroom units average $3,077 per month, up 11.6 percent year-over-year. [more]

  • Richard Guishard and 19 Bogart Street (credit: PropertyShark)

    The boutique hotel trend is spreading all the way to Bushwick. DNAinfo reported that designer Richard Guishard, of the closed Morgan Restaurant and Morgan Room, and business partner Andy Chau broke ground this week, at 19 Bogart Street, to erect a five-story, 63-room hotel. They yet-to-be named hotel is projected to open in 18 months and is slated to include four retail shops on its ground floor. [more]

  • From left: West 145th Street in West Harlem and Hancock Street in Bedford-Stuyvesant

    Two of the city’s traditionally less affluent neighborhoods are poised to gain recognition for their historic character. The Department of City Planning said today it is launching the public review process for rezonings of West Harlem and Bedford-Stuyvesant North meant primarily to preserve the areas’ existing character. [more]

  • Homes in Bedford Stuyvesant

    New York Community Bank, New York City’s biggest lender to landlords, has agreed to a 50 percent discount on the distressed mortgages for four residential properties in Bedford Stuyvesant, Brooklyn, Crain’s reported. This is a first for the bank. The property addresses were not mentioned. [more]

  • The Luhring Augustine Gallery in Bushwick, Brooklyn

    While Bushwick has been an artsy enclave for a while, the harbingers of full-on gentrification have recently popped up in the neighborhood, the New York Times reported.

    In addition to the cafes and more fringe art events, brand name art galleries such as Luhring Augustine, which has a gallery at 25 Knickerbocker Avenue, at Ingraham Street, have moved in. The gallery, which also has a Chelsea outpost, opened its Bushwick space last October. Interstate Projects, another gallery, opened at 56 Bogart Street last March, and Nurture Art, a not-for-profit gallery moved to the same address last August. [more]