Bushwick Finds Too Much of an Audience
It's been several years now that Bushwick has supplanted Willamsburg as the up-and-coming artsy
Like those in SoHo and the Lower East Side in previous decades, prices in
Now Bushwick offers many of the same things
The neighborhood's artistic vibe has drawn a lot of young people to Bushwick in search of loft spaces and condos. And many of the residents who grew up in the neighborhood are seeking out new apartments and condos as well, brokers said.
Staying near the L train, which runs through the neighborhood, also has been one of Bushwick's biggest draws, according to brokers. The M train also passes through Bushwick.
But the financial downturn has stalled some of Bushwick's momentum. During the housing boom, developers hoped to bring high-end Williamsburg-style condos to Bushwick. But many of those projects turned into rental buildings after the boom went bust, said Michael Amirkhanian of real-estate services firm Massey Knakal.
"That happened a lot in the neighborhood," Mr. Amirkhanian said.
After the crash, lenders became skittish about financing big condo projects in the outer boroughs and places like Bushwick. That has crimped availability of condos in the neighborhood, the apartments that continue to be the most sought after by prospective buyers.
"I think we are waiting to see some more inventory come on the market," said Patrice Mack of Corcoran Group.
There are currently 46 condo units listed on real-estate website StreetEasy. Those that are on the market offer relative bargains compared with
The average asking prices for all properties listed on StreetEasy is $409,000, or $318 a square foot. In
One of the biggest condo projects in Bushwick to hit the market in recent years is the Knick, a converted industrial building located at
Presales started in 2010, and 40% of the 49 units have been sold or are in contract, said Tom Le of Corcoran. The building has a variety of layouts including lofts and duplexes.
The building also has a virtual doorman, a gym and a shared roof garden. Asking prices range from $299,000 to $629,000.
Most of condo developments recently built in the neighborhood have been relatively small buildings with about 16 to 24 units.
One example is the condo project at
Prior to the new condo buildings, most of the condo units in Bushwick were conversions of prewar buildings, said Ms. Mack of Corcoran.
On
Parks:
Schools: Bushwick's public schools are in District 32. They include I.S. 349 Math, Science & Tech,
In 2010, 45.7% of District 32 students in grades three through eight received a proficient score on the math exam, and 34% of students received a proficient score on the English Language Arts exam. In 2006, the results were 47.9% for math and 41% for reading.
Nearby private schools include St. Brigid School and St. Matthias Parish School, which both run from nursery school through eighth grade.
Restaurants: A number of new restaurants have opened and found success in Bushwick. Roberta's has gained a reputation for having some of the best pizza in the city.
Bushwick also has lots of Latin food. Arepera Guacuco has Venezuelan-style arepas. And Tortilleria Mexicana Los Hermanos serves tacos on freshly made tortillas.
Shopping: Bushwick has vintage stores galore. Mandate of Heaven, Green Village Used Clothing & Furniture and Urban Jungle are among the second-hand shops in the neighborhood. Bushwick Bike Shop is a good option for cycling fans.
Entertainment: Art galleries have multiplied over the years in the neighborhood. One of the oldest is Brooklyn Fire Proof, which has also expanded into a café and bar. Other galleries include Eastern District and Base Space.