Luxury rental building to rise in Bed-Stuy

Vasco Ventures aiming to capitalize on surging home prices in nabe

Dec.December 29, 2014 02:50 PM

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


Related Articles

Here are the week’s top luxury sales

Here are the week’s top luxury sales

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

Here are the week’s top luxury sales

Here are the week’s top luxury sales

Chrissy Teigen and John Legend with 374 Broome Street (Credit: Karwai Tang/Getty Images; Google Maps)

John Legend, Chrissy Teigen snap up another Nolita penthouse

Marc Jacobs with 68 Bethune Street (Credit: Jacobs by Randy Brooke/WireImage; Townhouse by Nest Seekers via StreetEasy)

Marc Jacobs gets what he paid for West Village pad: $10.5M

The Gretsch at 60 Broadway in Williamsburg. (Credit: Douglas Elliman via StreetEasy)

Williamsburg pad hits market for almost $9M

Dennis and Karen Mehiel with 3 East 95th Street (Photo by Will Ragozzino/Patrick McMullan via Getty Images; Sotheby's)

Carhart Mansion duplex returns to market after four years

Ghost Towers

NYC’s ghost towers: How many Manhattan luxury condos are owned by people who don’t live there?