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Half of Bushwick Is for Sale & You Can Be the Next Real Estate King

Cayuga Capital arrived to gentrify Bushwick early, says our fave read The Real Deal

Bye bye church, hello apartments (photo from Bushwick Daily archive by Katarina Hybenova)

Cayuga Capital arrived to gentrify Bushwick early, says our fave read The Real Deal. Since 2004 they've been buying, developing and, you know, hoping to make a buck. Especially since "Bushwick is like Williamsburg on crack," according to David Behin from brokerage MNS who is representing Cayuga.

Since the Bushwick days of innocence, Cayuga has developed a significant portfolio of properties, which includes "6 Wilson Avenue, 369 Menahan Street, 1399 Greene Avenue, and 297 and 311 Troutman Street — all walk-up buildings Cayuga nabbed in the last ten years – and two ground-up rental developments at 286 Stanhope Street and 184 Noll Street." Now 90% of this portfolio is for sale for $14 million. So hey, I've got an idea! Let's buy all of those buildings, and turn them into experimental art spaces and affordable housing units for artists and Bushwick families! Oh wait, it's not utopia-o-clock anymore...

The idea driving Cayuga to sell its portfolio is to raise cash in order to convert St. Marks Lutheran Church into 99 (pricey) apartments. Yes, we're talking about the church where you got so drunk at a Rubulad party, where you attended The Pains of Being Pure at Heart concert and where you watched a sponsored fixed-gear bike race.

The apartments in the Church will all be rentals, says The Real Deal. The studios will rent for $1,900 per month and two-bedrooms for $2,750 per month.

[The Real Deal]


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