A view towards the Williamsburg Bridge. Image © Ray’s Tours
There has always been a somewhat “invisible” line dividing ritzier North Williamsburg and the once-grittier-but-now-gentrifying South Williamsburg neighborhood—and that southern portion’s border is generally considered to be from Grand Street to Division Avenue between Union Avenue and the East River. And though this south side of the neighborhood continues to be populated by a diverse group of residents, new amenity-filled developments are quickly attracting a younger population and pushing prices to match those in the northern part of the nabe. Here, we take a look at some of the most notable developments and a few cool listings bridging the gap ahead.
Photo © Notsolita
According to recent census data and industry experts, the housing market below Grand Street is mostly made up of rental units and new condominiums with selling prices just a tad less than what’s been available north of Grand. But like nearly every New York neighborhood, inventory levels remain low. In fact, according to experts, averages sale prices hover just below $1.8 million. For renters checking out new developments, brokers indicate that one-bedroom units generally average about $3,000 per month.
282 South 5th Street
There are several exceptional developments on the rise, one such comes via the Marketing Directors who will soon introduce a new rental development at 282 South 5th Street, designed by notable architect Morris Adjimi. From studios to two-bedroom apartments, square footage will likely range from about 450 to 1,000 square feet. A select number of units will have outdoor space. But one of the project’s most eye-catching features is the amazing communal amenity list. For instance, a resident’s lounge a billiard table, a gym with a yoga studio, a dog spa, a roof deck with BBQ areas, a playroom for the younger residents and a half-acre landscaped terrace with a great lawn are just some of the offers. An attended lobby and on-site parking are also on tap. Though monthly rentals are not yet announced, they will likely start at about $2,400, ready to welcome tenants in early 2015.
The Piet Boon-designed Oosten Condos
On the South Williamsburg waterfront, the Piet Boon-designed Oosten at 429 Kent Avenue is a new development from Xin Development selling one- to three-bedroom units, including duplexes with double-height ceilings. There are also four penthouses with a choice of five or six bedrooms with access to private garage spaces; and 15 three- and four-bedroom townhouses with private garages. Square footage ranges from 801 to approximately 5,093 square feet. The townhouses average 4,075 square feet. Top drawer finishes include custom millwork, wide-plank white oak floors, oversized, punched-out metal trimmed and energy efficient low E glass windows and connections for washers and dryers. Kitchens are outfitted with appliances by Smeg, Liebherr and/or Viking—and all bathrooms have the option for a “light or dark” palette” created by Piet Boon. For example, the kitchen’s light option features lacquered matte white cabinetry with thick Carrara honed marble countertops and backsplashes. The darker version has lacquered matte dark brown cabinetry with equally thick Temporary brown honed marble worktops and backsplashes.
A look inside what the condos will look like
The communal amenity list is long: indoor swimming pool, fitness center, sauna and steam rooms, juice and coffee bars, a library, a vast landscaped courtyard, a rooftop terrace with a reflecting pool, a decked-out playroom and on-site parking (for sale). Occupancy is set for late 2015. Exclusively marketed by Halstead Property, prices begin in the high $600,000s.
At 440 Kent Avenue between South 9th Street and South 10th Street, a 1,740 square-foot penthouse with unobstructed views of Manhattan is now on the market. The unit features three large south-facing bedrooms with spacious closets and bathrooms with deep soaking tubs. In addition, there is a gigantic walk-in closet, a laundry room and the chance to grill your al fresco dinner on your private view-infused terrace. Building amenities are second to none—and includes 24-hour concierge and doormen services along with a fitness center, a landscaped roof deck and courtyard, a resident’s lounge, on-site parking and shuttle service to the L and JMZ subway lines. Listed with the Corcoran Group, it’s priced at $1.799 million.
303 South 4th Street
House hunters will love the 1935 brick house (over 2,000 square feet of living space) that is now on sale at 303 South 4th St. near Rodney Street. A 20-foot wide house, it currently consists of three residential units generating income of about $8,500 per month. The first floor unit is a loft-like one-bedroom garden duplex. The other levels have nearly identical two-bedroom layouts. Operating expenses are low, so this home presents a wonderful opportunity for single-family living (the house can be delivered vacant) or investor. This 20-foot by 32-foot property is set on a 20-foot by 71-foot lot, with over 1,300 feet of buildable a Floor Area Ratio (FAR). And did we mention that there is a yard? The home is listed with Corcoran Group for $2.150 million.
303 South 4th Street’s backyard
Overall, the ease of transportation for this area remains a cinch, especially since the East River Ferry schedules round trips between Schaefer Landing (South Williamsburg) and Manhattan and like its northern cousin, South Williamsburg’s proximity to the waterfront is the same and there are plenty of hard-to-get-a-table restaurants and tony boutiques to browse at this point in time. If you’re already looking in the north, it’s time to move your pointer finger further south on the map.
Clockwise: Diner, Bia Bar and Grill, the waterfront park, Potlikker