Bushwick Finds Too Much of an Audience

It's been several years now that Bushwick has supplanted Willamsburg as the up-and-coming artsy New York neighborhood.

 

Like those in SoHo and the Lower East Side in previous decades, prices in Williamsburg jumped during the last decade as a wave of new developments replaced its older industrial buildings, pushing many residents east into Bushwick.

 

Now Bushwick offers many of the same things Williamsburg did during the late 1990s: Relatively large spaces for a fraction of Manhattan prices, a lively art scene and an edgy neighborhood that is still a little rough around the edges.

 

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 Williamsburg and Manhattan.

 

The average asking prices for all properties listed on StreetEasy is $409,000, or $318 a square foot. In Williamsburg, it is $705 a square foot, and in nearby Bedford-Stuyvesant, it is $334, according to StreetEasy.

 

One of the biggest condo projects in Bushwick to hit the market in recent years is the Knick, a converted industrial building located at Hart Street and Knickerbocker Avenue. The building, constructed during the 1920s, was previously used as a supermarket and warehouse space.

 

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 369 Harman St., a five-story building that was built in 2009. Sales started last spring and five of the 18 units in the building are left, said Neville Ross of Prudential Elliman. Asking prices range from $289,000 to $599,000.

 

Prior to the new condo buildings, most of the condo units in Bushwick were conversions of prewar buildings, said Ms. Mack of Corcoran.

 

On Halsey Street, a prewar building was converted into condos in 2005, creating six units in the three-floor building. There is a floor-through unit for sale in the building for $320,000.

 

Parks: Maria Hernandez Park measures about seven acres and includes basketball courts, handball courts and playgrounds. Irving Square Park is a small park that occupies a whole block and has playgrounds.

 

Schools: Bushwick's public schools are in District 32. They include I.S. 349 Math, Science & Tech, All City Leadership Secondary School and Bushwick Leaders High School for Academic Excellence.

 

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.