Bushwick real estate eyes a burgeoning future

Roberta’s helped put Bushwick on the map.

If you’re looking for rising New York City property values, following the rule of “follow the artists or follow the L train” takes you straight to Bushwick. Williamsburg’s neighbor to the East has watched its less-than-stellar reputation rise over the past decade, as artists looking for cheap, large space found solace in the embrace of the area’s commercial loft spaces. But this Brooklyn neighborhood may not follow the same path DUMBO and Williamsburg have to a residential boom; she’s zoned for commercial, and it doesn’t look like the city wants to change that.

The extensive warehouse spaces in Bushwick have seen an influx of art galleries and popups recently, sometimes as second locations of Manhattan locales such as Chelsea’s Luhring Augustine, while also serving as a breeding ground for aspiring artists in shared spaces such as 3rd Ward on Morgan Avenue. The growing sense of community is obvious; the annual Bushwick Open Studios event, a weekend where the public can access various venues organized throughout the neighborhood, is a prime example of this neighborhood’s unification through the industry that drove them there.

All this has proven to be the formula for immediate and rapid residential real estate investment, but the transition hasn’t occurred overnight. The Department of City Planning has not passed rezoning on the northwest section of the neighborhood, and as a result few new condo developments have hit the horizon.
Even if it may take more time, developers seem to have shared optimism regarding the upside of the area and the possibility of future zoning changes. “There is likely more residential on the way,” explains Matthew Blesso, the founder and CEO of Blesso Properties. “Even in areas that are currently zoned Manufacturing, some owners are looking for a premium under the assumption that someday their properties will be rezoned.” Those that have risen, such as The Hudson Companies’ 49-unit “The Knick,” are commanding prices around $500 per square foot, a strong value compared to their Easterly neighbors, and the median price for a one-bedroom in the neighborhood is $325,000, according to StreetEasy.com.

As permanent residents trickle in, Bushwick is giving the rest of the city more reasons to come visit. While it may take time before it gets SoHo-like crowds, it is proving that a search for the next “It” hood is never easier than just following the skinny jeans east on the L.

Is Bushwick SoHot?

The comparisons between high-end, chic SoHo and gritty, trendy Bushwick may be few and far between beyond their artist communities.  Nonetheless, both areas are celebrated for a landmark pizza shop.
   
SoHo has Lombardi’s, America’s first pizzeria, and Bushwick has Roberta’s, arguably NYC’s most trendy spot for a personal pie. To learn more about Bushwick’s best pie place, head over to www.robertaspizza.com.


News
Entertainment
Sports
Lifestyle
National

Florida man charged with murdering son to play…

A Florida man annoyed that his 16-month-old crying son was preventing him from playing video games suffocated the toddler, police said on Friday.

International

Powerful 7.2 magnitude earthquake rattles Mexico

A powerful earthquake struck Mexico Friday, shaking buildings and sending people running into the street, although there were no reports of major damage.

Local

Leech therapy: Bloodsuckers in Brooklyn

The Old-World practice of leech therapy makes a comeback in New York.

News

OMG! Exercise can make skin (and butt) look…

A moderate exercise regime can turn back time and actually reverse the skin's aging process, according to new research. The study showed that a minimum…

The Word

Kate Middleton made fun of Prince William's bald…

Kate Middleton and Prince William are in Sydney, Australia, right now, and it sounds like that brash Aussie sense of humor might be rubbing off.

The Word

Is Tom Cruise dating Laura Prepon?

"Mission: Impossible" star Cruise is said to be dating Laura Prepon, star of "Orange is the New Black."

Television

'Scandal' recap: Season 3, Episode 18, 'The Price…

Sally is Jesus, Olivia caused global warming, and Mellie's still drunk. Let's recap the Scandal finale. A church full of Washington insiders is about to…

Movies

Review: 'Transcendence' is not stupid but sometimes lacks…

The cyberthriller "Transcendence" explores artificial intelligence, nanotechnology and other ethical quandaries, but has too much ambition, if anything.

NBA

Carmelo Anthony agonizing over Knicks future as season…

There’s still the cloud hanging over the franchise’s head as to the pending free-agent status of All-Star forward Carmelo Anthony.

NFL

Jets host players with eye toward NFL Draft

The Jets hosted a number of NFL Draft hopefuls for workouts on Thursday, with an eye toward some under-the-radar players.

NFL

Chris Johnson: I wanted to go to 'a…

Now that Chris Johnson is a Jet, the team has to figure out if one of the most explosive players in the NFL over the last half decade has anything…

NHL

Rangers' speed versus Flyers' size makes interesting playoff…

Among the myriad aspects that will make this Metropolitan Division semifinal series fascinating will be the battle between the Rangers' speed and the Flyers' size,…

Tech

#FollowFriday: 10 of the smartest Twitter accounts

Spending lots of time on Twitter? You might as well learn something. Here are some of the smartest accounts to follow.

Style

Light-up nail art syncs with phone

This Japanese technology syncs light-up nail art with your phone.

Wellbeing

Why is dance cardio taking off in NYC?

Instructors at some of the city's hottest classes explain why.

Travel

Earth Day travel in the Florida Keys

See why this eco-friendly destination deserves your attention.