Ariel Property Advisors Releases Latest Neighborhood Report Spotlight: Bushwick, Brooklyn

  Brooklyn, NY Ariel Property Advisors releases its latest Neighborhood Report, which focuses on Brooklyn’s Bushwick neighborhood. The report highlights the social and cultural resurgence, as well as economic revival in the area. It also focuses on Bushwick’s new rental and office development market, which is spearheading the potential for massive real estate growth in the next few years.   Social & Cultural Reinforcement: New Yorkers are moving to Bushwick in part due to its attractive and emerging cultural scene.Bushwick today is home to a thriving community of new residents, development initiatives and businesses. Art galleries, markets, cafes, cultural centers, and restaurants such as Roberta’s Pizza, Shwick Market and Mominette Bistro continue to make the neighborhood a desirable location for buyers.   Economic Revival: Bushwick is also experiencing a new identity as a live/work destination with an abundance of new office and residential developments. An accessible infrastructure and vibrant entrepreneurial community are spurring the growth of Bushwick as a business district. Bushwick has a multitude of conveniently located industrial warehouses with large open floorplates and expansive windows that are perfect for conversion to new office space. A great example is 215 Moore Street, which is a complex of five warehouses known as The Bushwick Generator. The 50,000 square foot structure will be renovated and expanded to include 120,000 square feet of commercial space.   “Bushwick’s unique stock of commercial buildings has played a key role in the neighborhood’s revival. Vacant warehouses and loft buildings are being rehabilitated to create one of New York City’s more dynamic office and retail landscapes,” said Daniel Tropp, vice president at Ariel property Advisors.   Developers are responding to this growth with new residential developments, such as the building going up at 949-963 Willoughby Ave. Developers will spend upwards of $13 million to combine six lots and develop a five-story 63-unit elevatored rental building.   The report also addresses future applications for the L Train shutdown. 70% of Bushwick residents commute to work via the subway, with up to 300,000 crossing the East River on peak days. With a projected total cost of $50 million, the train could be shut down from 18 to 36 months. L train service riders will have to adapt for the time being as long-term repairs take place.   While the status of the L train presents a roadblock to unfettered growth, it may prove to be a minor blip in retrospect, as the entire borough adapts to the change. With so much going in its favor, Bushwick is improving on its status as the new destination for business and culture.   To review the full report, please click here