The Market

As it gets more expensive by the minute, what's next for Bushwick?

By Lucy Cohen Blatter | March 24, 2015 - 12:59PM

Bushwick may be the very epitome of Brooklyn's expensive gentrification process, says The Real Deal (though we'd say it has some stiff competition). One sign that they might be right, besides the fact that "Girls" star Zosia Mamet bought an apartment there in 2013, though she has since put it on the market? The median household income is up 48 percent from 2000. Here's what else is new in the North Brooklyn' hood:

  • One-bedrooms average $2,087 a month, a jump of 20 percent from a year ago. Two-bedrooms average $2,173.
  • There's been a 45 percent spike in the median price of properties in the last year, to just under $500,000.
  • The average price-per-square foot for a home is $497. That said, that's still 18 percent cheaper than the rest of Brooklyn.
  • Luxury condos and rentals are popping up all over, including 330 Bleecker Street,  with two-bedrooms starting at $650,000 and a four-bedroom available for just under $2 million. On the rental side, Colony 1209 has two two-bedroom apartments available -- for $3,120 and $3,600 a month. Next up: 123 Melrose will become a 10-building developments with almost 1,000 rental units, 30 percent of which will be affordable housing. A former church at 626 Bushwick Avenue will become 99 rental apartments (the steeple will be a triplex). Twenty percent will be affordable housing.

These facts explain why, in April 2014, one recent real estate flipper thought he could ask four times the amount he paid for a house seven months earlier. (City records confirm he got it.)

Want to know more? Check out our interview with Bushwick Daily founder Katarina Hybenova, where she spills about the controversy surrounding the aforementioned Colony 1209 and the biggest misconceptions about the neighborhood).


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