We have had our eyes on this project since it was a wet 2 story hole in the earth, and are pretty excited about the finished look.  The building, standing on the corners of North 11th & 12th Streets, on Bedford Avenue, looks much better then the renderings that were floating around a few years ago.  The goliath is supposedly going to open it’s doors to the public for lease only, however we recently caught wind of a possible change in plans (some for sale & lease?)…… We’ll keep our ears to the pavement.  We expect the first release of units to be available this summer.

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Phoenix, possibly one of the most popular rock bands, announced a surprise concert at the Williamsburg Music Hall this evening.  Fanatics begin lining up in front of the venue as early as 7am.  I myself am a huge fan and was hoping to snag a few tickets on stubhub, or craigslist, and reached out to some sellers.  Unfortunately for me, the resale of these tickets are just too pricey.  I was told by a seller that a buyer had already offered in excess of $400 for just 2 tickets.  WOW.  I guess I’ll have to wait until the show at the Barclays.  I’m fairly upset, as I am certain that a Phoenix show in such a small, intimate venue, will be simply AMAZING.

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A family member recently purchased this 3Bed condo on the 12th floor at Schaefer Landing, and while I must admit having reservations about the location, and building, this unit simply wowed me. The views speak for themselves.  For $1,260,000 the 1,650 square foot 3Bed/2bath was purchased at $764persqft, which in my opinion is a great investment for a condo that is perched directly over the east river, allowing for a complete Manhattan view that includes Midtown, Downtown, the Williamsburg Bridge, Manhattan Bridge, and Brooklyn Bridge. Travel just a few blocks North, past the Williamsburg Bridge, and a similar listing would sell at well over $1,000persqft.  Once the Domino Sugar Factory project is complete the average price per square foot at Schaeffer Landing will surely skyrocket.  All the building needs is a bit of a makeover, particularly in the lobby and common areas.  Check out availability in the South Tower here, and North Tower here.

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It is clearly a sellers market, but does that translate into bad timing for investment?  As the resales market begins to surge, inventory is far below demand, pushing prices up into the clouds. The initial thought that likely comes to mind is to steer clear of investing in Williamsburg, for the time being.  This may not be the case, as 37 new developments are on the rise, and major developments such as the Two Trees project surrounding the Domino Sugar Factory, will indeed push the average price per square foot further North over time.  We will see plateaus as several buildings open their doors at the same time, however, once the building fill the price persqft will continue to rise.  There are several other factors to consider, which we will elaborate on in an upcoming post.

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For $3,200 and one free month, averaging $2,944, we feel that this 850sqft 2 bedroom is a great deal.  The multifamily dwelling houses 6 apartments that are undergoing a top to bottom renovation.  This particular space is on the 3rd floor (top), and boasts skylights throughout the apartment, keeping it nicely sun-lit all day long.  Everything has been redone, and we mean everything; from new drywall, flooring, and recessed lighting, to ceiling fans, modern bathroom, condo level kitchen with dishwasher & microwave, and a stacked Bosch washer/dryer.  To really top it off, each room has separate air conditioning control.  The building stands on Frost Street, about 5 minutes away from the Graham Avenue L Train.  Great space.

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We’re actually surprised at the lack of stores selling instruments and musical equipment in Williamsburg, considering it is has been a boon for creatives for more than a quarter of a century.  Main Drag Music is really the only store in the neighborhood that caters to guitarists and rhythm section players, but luckily for us it is incredibly well stocked with vintage gear and all the accoutrements you’ll need to keep your axe in shape and playing well. The store really impresses with quantity and selection, with many fantastically preserved vintage drum kits and walls of innumerable guitar cabinets. We’ve been going to main drag for years and haven’t once been met with sass, so cheers to the staff for breaking the mold of bad service in Williamsburg.

HEARTH FROM ABOVE — Did we mention that Main Drag occupies the ground floor of the famous Esquire Building? The converted factory is the first of its kind in the neighborhood, kicking off the trend of rehabbing factory space into incredible loft apartments on this side of the river. As of 2001, the factory has gone from manufacturing shoe polish to housing well-heeled neighborhood pioneers looking for raw loft spaces with four digit square footage and upscale industrial finishes.

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We wanted to thank everyone for attending our Grand Opening event at our new boutique office at 135 N7th Street.  It was a huge success, as over 200 people attended.  It was nice to enjoy conversation and cocktails with all of you.  Special thanks goes out to Drew Z for his outstanding custom cocktails, and Brent Young for bringing the meat from The Meat Hook.  The pulled pork sandwiches were outstanding.  Keep an ear to the pavement for Brick&Mortar’s next event.

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We’ve counted over 6 Thai Food restaurants off of the Bedford L Train, with Qi as the latest addition.  Qi Thai Grill recently opened it’s doors on North 9th Street, between Bedford Avenue and Driggs, bringing authentic Thai street food onto their menu with a modern twist.  The menu is made up of standard dishes such as Pad Thai, and new comers like Cinnamon Pork, Sea Bass in a Pot, and a variety of delicious appetizers, soups, and deserts.  The restaurant group behind Qi Bangkok Eatery in Midtown, and Qi Asian Eatery in Union Square, picked 3 talented specialty chefs to create their ambitious grill focused menu.  I’ve dined at Qi twice now, and really enjoy the food and atmosphere, but Chai Home Kitchen on North 6th & Berry Street is still my favorite (Qi’s menu is definitely impressive and probably more creative then Chai’s).  Pay Qi a visit and let us know what you think.  176 N9th Street, 718.302.1499.

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Here is a glimpse of just 2 of the 37 new developments that I have documented on the rise in Williamsburg, on the corner of Union Avenue and North 11th Street.  As the 2012 fall season rolled into winter the vacancy rate in New York City neared it’s historic low, close to 1%.  The low supply vs high demand has driven prices up quickly, pushing apartment rental amounts up as high as $500 in some cases.  Buyers and Renters alike have struggled to find new homes.  Relief is on the way as over 37 new developments are on the rise in Williamsburg, with most of these developments surrounding the Bedford L Train area.  The majority of these new developments will open up as rental buildings, toward the end of 2013 and throughout 2014.  It is likely that developers will try to jump on the current trend, pushing the average rental price per square foot up even further, but what will happen when several buildings open up in tandem?  If over a hundred units land at the same time (and potentially several hundreds will hit the market within the same 4-6 week timeframe) can the market maintain it’s upward motion?  Keep an eye on us for further information about specific developments.

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