BEDFORD-STUYVESANT — The condo market is heating up on Bed-Stuy's Bedford Avenue, with one building hitting the market with units priced at nearly $1,000 per square foot.
Fourteen studio, one-bedroom, and two-bedroom apartments will soon go on sale at a new “boutique condominium development” at 1188 Bedford Ave., adding to the plethora of condos popping up in the neighborhood and turning Bedford Avenue into a "condo canyon," one broker said.
Prices range from $379,000 for a 400-square-foot studio to $825,000 for an 850-square-foot two-bedroom with two bathrooms at the building, as first reported by Brownstoner.
The residences from developer Brookland Capital feature white oak floors, 10-foot ceilings, rainfall shower heads and amenities like video intercom systems, individual bike storage and a rooftop deck.
Average condo prices in the neighborhood have risen over the past two years and will only continue to increase, according to realtors and reports.
"We're seeing strong absorption in this area for this price point, which is a sign of the pent-up demand for new development in this neighborhood,” said David Maundrell, founder and president of aptsandlofts.com, which leads sales for the Bedford Avenue building. “We can expect to see a number of new closings in the area hitting public record that will reflect this trend.”
In 2014, average condo sales in Bed-Stuy were priced at $604,000, up 25 percent from the previous year, according to a recent report from the Real Estate Board of New York. The average price per square foot also increased 12 percent last year, to $770.
The growth can be attributed to developers being “savvy to design,” using higher-end appliances and decor, said Bed-Stuy realtor Ban Leow.
“Young professionals are coming here and some condos are being built just for rentals that are doing very well,” Leow said. “It should not be ‘do or die’ anymore, but ‘rent or buy Bed-Stuy.’”
As sales for Bed-Stuy’s historic brownstones reach record numbers, buyers are turning to condominiums as alternatives, agents say.
“Bedford Avenue is the new condo spot,” said Halstead Property real estate agent Morgan Munsey. “$1,000 per square foot is becoming the norm, and you see a lot of people who want to own but can’t afford a $1 million brownstone. Bedford is going to be a condo canyon pretty soon.”