The Real Deal New York

Luxury rental building to rise in Bed-Stuy

Vasco Ventures aiming to capitalize on surging home prices in nabe
December 29, 2014 02:50PM

UPDATED, Jan. 2, 3:41 p.m.: Bedford-Stuyvesant’s rapid gentrification isn’t showing any sign of slowing down, with Vasco Ventures planning a boldly designed 35-unit luxury rental building in the heart of the neighborhood.

The developer will erect the proposed L-shaped tower at 410-416 Tompkins Avenue. The building is set to contain primarily two-bedroom apartments, with a few one and three-bedroom units and a penthouse suite, according to Matthew Matilsky, a representative for Vasco.

Rents will range from approximately $2000 to $2,600, depending on the market, according to Matilsky. “We’re not wedded to that,” he said.

Building amenities include a top-floor gym with panoramic views of the Manhattan skyline, large balconies, a rooftop terrace, and 18 indoor parking spaces. Vasco has dubbed the development “Hancock Manor.”

“Before Bed-Stuy started getting red hot we realized where it was going,” Vasco founder and CEO Ephraim Vashovsky said in a statement. “But the market is getting flushed out, properties have nearly tripled in price over the past few years, and we’re giving residents — primarily young business people — the option to live in the area without buying.”

Vasco recently closed on the purchase of three adjacent structures and a vacant lot at the site, and is planning demolition within 90 days. The company projects 14-18 months until the building is completed and fully leased.

J Frankl Associates and M Architecture are both serving as architects on the project. — Tess Hofmann