The Real Deal reports that Joseph Brunner and Abe Mandel of Bruman Realty have locked in a construction loan for $90 million to help them complete the project which will span two buildings and 232,000 square feet at 889 Bushwick Ave. and 340 Evergreen Ave.
One of the unique conditions of the sale completed in 2014 was that the new owners agreed to rehab the space occupied by the current tenant Metro World Child, a Christian nonprofit. That work, the Real Deal says, has already been completed.
While development along the L may be slowing some, it looks like the JMZ lines are seeing a major boon seeing as they will be Bushwick’s sole connection to Manhattan in just two short years.
High-density developments such as this one are a big part of the reason why rents go up in a neighborhood, and landlords have every incentive to squeeze as many units onto a piece of property as zoning will allow.
When 1209 Dekalb opened back in 2014, the more expensive two-bedroom units were listed for over $3,000. An August 2016 listing on StreetEasy showed a two-bedroom unit advertised at $3,737.
Let’s hope these new buildings will not adopt similarly colonizing language as 1209 Dekalb did in the beginning in their glossy advertising.
Featured Image: 889 Bushwick Avenue, courtesy of Google Maps.