Greenwood's Construction Boom is Taking Shape

Sleepy old Greenwood has been seeing a boom of construction over the last 9-12 months. It seems to be "rising from the dead"... that is just a bad joke as the area is famous for their historical cemetery. Take a scheduled tour you will not be rolling in your grave (more terrible jokes), now on to real estate.

 

If you take a look up and down 19th or along 6th avenue you can't go a block with out some form of new construction going on. From new condos on 20th, luxury rentals on 19th or renovated town homes on 6th ave - the boom work is all around you. Greenwood was rezoned in 2005 which gave any home owner there a nice little bump in air rights to their pre existing home. 

What is coming to the market? CONDOS, but many lack a much needed tax abatement for end users. Can the market find a balance between homeowners cashing out, new condo buyers, and developers delivering an affordable product? 

Most notably 696 6th avenue is approaching completion with facades up and construction workers hustling to finish up for the prime spring season. There is a bit of controversy with this site as reported by YIMBY, a website profiling new development around New York.

"The state Attorney General banned Shiraz Sanjana from selling condominiums for 16 months in 2014, but that didn’t stop the embattled developer from buying a development site at 695 6th Avenue in Greenwood Heights once the ban expired. Today, YIMBY has a look at the three-story apartment building rising at the corner of 21st Street." - YIMBY Dec 2016

Atlas developers purchased two properties in the last 2 years which are changing the face of 5th avenue for the better. A former lot at the corner of 17th and 5th ave is chugging along and nearing completion. The design is on par with many condos in South Slope along 5th avenue with floor to ceiling windows and a modern exterior teasing some classic Brooklyn brownstone colors. One block away on 18th and 5th ave, demo continues on the former neighborhood stable Eagle Provisions. Here is a look at the renderings we pulled up. 

Another project that has had plans filed, but no construction has started. It seems that the 2 building lot has been shopped around with plans with no takers as of yet. I am sure they will find a homes soon. Take a look at the picture below which is right across from the newly renovated magnet school on 5th. 

 

Aside from these few we profiled here, there are currently 3 developments on the market now with units left to sell. (288 19th Street, 324 20th and 323 20th) As these projects retained broker representation, I will keep my comments limited. The main issue I see with these projects are the taxes. If you take a look at any New Development condo in Greenwood on the market right now, the first thing you will see is the taxes seem high. Most of these projects are very lovely and I personally thought they were thoughtfully designed, but at the end of the day the taxes are giving some hesitation. 

So where does that put the demand? New townhouse conversions and condo resales. 

Greenwood townhouses are seeing a bump from the traditional South Slope townhouse and condo buyers moving south. The rezoning of schools a few years back reshaped the boundaries for some of Brooklyn's most desired public schools. Now that the market is seeing townhouse prices in South Slope fetching 2-3M dollars for a two family, Greenwood is right behind. A few notable closed sales happened in the last 12 months to validate new pricing for the area. 

228 17th Street sold for $2,025,000 Price

634 6th Avenue sold for $2,075,000

626 6th Avenue selling for close to $3 million

and most recently 439 36th Street selling for a whopping $2,250,000

We will post more on other new Greenwood rental buildings, condos and townhouses as there are too many for one single blog post. 

If you are interested in learning more about Greenwood Brooklyn, buying or selling your home leave me a line I would love to hear from you!