Read Property Group has sold a 127-unit luxury apartment building in Bushwick for $58 million.
A group of unidentified investors made the purchase for Colony 1209, a five-story property at 1209 DeKalb Avenue, between Bushwick and Evergreen avenues. Leasing at the rental property is slated to kick off later this month.
“People have been talking about Bushwick for a very long time, but something like this has never happened,” Dave Maundrell, president and founder of Aptsandlofts.com, which is handling the property’s marketing and leasing, told Crain’s.
Read Property Group purchased the site two years ago in a foreclosure auction, then diverted from the previous owner’s plan to build condominiums at the site. The developer did stick with the same blueprints however, and completed construction in late 2013.
Rents at the compile will start at $1,800 for a studio, $2,000 for a one-bedroom and $2,900 for a two-bedroom, Crain’s reported. [Crain’s] — Julie Strickland