The condominium and home renovation market in Bedford Stuyvesant is hot and getting hotter as young entrepreneurs and young families continue to choose Bedford Stuyvesant as one of the top Brooklyn neighborhoods to plant roots in.
On April 29 2016 we blogged on the latest commercial and residential projects going up in Bedford Stuyvesant. Since the market is so strong there more and more residential condominium and home renovation projects are getting underway.
Tower Real Estate Investments headed by Rafael and Michael Rehanian, have purchased 366,368 and 370 Gates Avenue after a fierce bidding war with other investors. As Rafael Rehanian put it “ from an investment point of view we feel very optimistic about the neighborhood”. The units on Gates Avenue are planned to be large enough to accommodate growing families with 2 Bedroom duplex units sized at 1,367 square feet, 2 bedroom simplex units sized at 986 square feet and 1 bedroom units sized at 700 square feet.
Other residential projects planned for the neighborhood are 691 Marcy Avenue, a rental building going up from Brookland Capital and 281 – 291 Tompkins Avenue, a Mixed Use building being built by The Iconic Group.
Some of the latest home renovation projects going on in the neighborhood are 186 Quincy Street, an 11 family house which sold for $3M in 2015, 286 Hancock Street, built in 1883 and 12 Verona Place, a recently landmarked brick rowhouse built in 1881.
Accord Real Estate Group has been selling in the neighborhood for 25 years. Our latest listing just put on the market today is a value added investment opportunity. 22 Rochester Avenue is a one story, corner property with a store and 2 garages. The property was formerly a mixed use building with 2 residential units above the store. Priced at $479,000, this property will sell fast.
If you are planning to sell your Brooklyn property, whether a residential property, a commercial property, mixed use, multi family, vacant land, co op, condominium or development opportunity call us. You will be very happy that you did.