A Bushwick Condo Milestone?
This weekend I met a guy looking at the big brick building near me on Central. It’s for sale at $1,650,000 for 15 units and a retail space. He says he’s looking for a big building to convert to condos. I couldn’t suppress my grin. At that price, though, it’s surely rent controlled or stabilized. Maybe he’s got a plan — I admit I’m not terribly familiar with all the loopholes in New York’s byzantine housing laws.
What’s significant about this particular building is that so far in Bushwick conversions have been mostly total guts of architecturally insignificant wooden tenements and warehouses. This building is pretty attractive as Bushwick design goes, and a condo conversion would likely keep most of the apartments’ details and layouts intact.
Considering a building with a paltry 4 one-bedroom apartments and a storefront at the charmless corner of Central and Melrose is going for almost a million bucks, this is a steal if you can wait the tenants out.
reading jeremy’s posts, he sounds like a predatory dickhead who just can’t wait for the white-washing of bushwick. I gots news for ya dummy: anyone who’s buying over there now, is overpaying big time. as the subprime housing loan crisis unfolds and a lot of those owner occupied cookie cutter developments that have gone up in the last 15 years are abandoned. bushwick is a low income area and it will remain that way for some time. people renting over there are wise as it’s close to manhattan and the hood will slowly change, especially near subway stops. anyone who’s bought in the thick of the hood lately has a harsh awakening coming their way. PS - your blog sucks. it’s just what we need: another inane site by an entitled white gentrifier, callowly scheming on how to get rid of entrenched people of color so his shitty hood can turn into the upper west side. I laugh heartily at your foolishness.
Whoever was looking at the building needs to do their homework. 10 of the 15 units are subsidized (8 of which are section 8). Good luck waiting the tenants out.
12:38 — the fuck you care? Quit your whining, you little bitch.
2:26 — he could always make it a coop and sell the unstabilized units. There are other buildings in Bushwick like that. Anyway, I didn’t say he bought it, I said he was looking for conversion properties — if it’s as you say, he’s likely passed over this one. BTW, where do you find out that info?
Jeremy, you’re becoming famous in blogland. Several of us on the comments section of yesterdays Bushwick grafitti article on CURBED are hoping that you soon get gay-bashed by a bunch of obese puertorican girls. I hope I’m there to watch!
Yeah right, my boricuas love me.
we do…jeremy … we do… un beso!
Told you.
Yowsa. A blog war.. hot. How did I miss this??
Eh, it’s over. Just a psycho troll with nothing better to do.