The Real Deal New York

Bushwick luxury rental building on the market for $34M

Developers are selling the 37-unit property to focus on another project nearby
By Christian Bautista | October 12, 2018 10:00AM

951 Madison Street in Brooklyn (Credit: Google Maps)

UPDATED, Friday, Oct. 12 at 7:40 p.m.: Broadway Bushwick Builders, a partnership between Justin Stern of Manatus Development, hospitality executive Henry Hewes and the Feldman and Gerard families, placed a luxury residential building in Bushwick on the market for $34 million.

The property, at 951 Madison Street near the corner of Broadway, is a 41,000-square-foot property with 37 apartments, according to B6 Real Estate Advisors, which is marketing the building on behalf of Broadway Bushwick. It also contains two retail spaces spanning 10,000 square feet.

The partnership commenced construction on the property in 2012, four years after filing building permits with the city’s Department of Buildings. It completed the property in 2014, city records show. Betances Health Center, a primary care provider based in the Lower East Side, opened its second location in the property last fall.

One-bedroom units at the property are asking between $2,277 and $2,650 per month, according to StreetEasy.

Broadway Bushwick is selling the property to focus on another development nearby. The company said that it has already finalized plans to build a 110-unit residential building at 1389 Broadway, also known as 9 Woodbine Street, which is just two blocks away. The firm is partnering with developer Erik Ekstein for the project. The unit count is much higher than the 88 units outlined in an August filing with the Department of Buildings. The company has yet to file amended building permits. Representatives for Broadway Bushwick said that a gourmet supermarket will open at the ground floor. Construction is expected to start in the first quarter of next year.

B6 Real Estate’s DJ Johnston, Bryan Kirk, William Cheng and Michael Murphy are marketing the property.

Correction: This story has been updated to correctly identify the property’s owner.