Halstead Property

Jay K. Overbye
Exec. Vice President
Village Office
Tel: (212) 381-2247
joverbye@halstead.com

William S. Ross
Director of Development Marketing
wross@halstead.com
(212) 613-2001

Sit Back And Enjoy The View

Williamsburg developers see nothing but blue skies

BY ALICIA HARTGROVE

Grandmother's house might be in this Brooklyn neighborhood that borders Greenpoint, BedfordStuyvesant and Bushwick, but you're more likely to go to an artist's loft, musician's venue, or trendy converted warehouse in Williamsburg.

"This rare Brooklyn neighborhood feels like Soho 15 years ago," said Jay Overbye of Halstead Property, the exclusive broker for the new 80 Metropolitan condominium "People think it's strictly hipster, but you will see a balance of older folks, families, and young people."

The proximity to Manhattan (about five minutes on the L train), lower cost of living (condos are selling from about $650 to $1,000 psf), and the gritty feel of the neighborhood have attracted the assortment of residents that are there today.

"The artists got priced out of Soho and Tribeca," said Bill Ross, director of Halstead Property Development Marketing, which is representing the new North Side Piers condo. "Smart people say 'Follow the artists if you want to find the next great neighborhood.'"

Artists first started moving to Williamsburg in the 1970s, attracted mainly by the low rents. The population and rents have dramatically increased since then, though. Average monthly rents now range from $1,400 for a studio to $2,600 and up for a two bedroom.

Williamsburg wasn't always a trendy place to live. The American Industrial Revolution of the 1800s established the area and paved way for a city charter
in 1852 and many of the nation's most recognizable manufacturers made Williams
burg a home base for years including Pfizer Pharmaceuticals, Astral Oil (later Standard Oil), Brooklyn Flint Glass (later Corning Ware), Brooklyn Navy Yard, and the Havemeyer and Elder sugar refinery (later Amstar and Domino).

The waterfront was populated by breweries such as Schaefer, Rheingold and
Schlitz, docks, shipyards, refineries and mills.

Factory jobs and the building of the Williamsburg Bridge in 1903 attracted New Yorkers and Eastern European immigrants from Lithuania, Poland and Russia and, in the 1930s, many European Jews created a Hasidic community after escaping Nazism. It's a community that continues to thrive on the southside of Williamsburg.

In 1961, Williamsburg had about 90,000 manufacturing jobs. The promise of work brought thousands of Puerto Ricans to the area and, over the next 20 years, the Hispanic community expanded with Dominicans and other Latin Americans. But by the 1990s, less than 12,000 jobs remained and the area deteriorated in the grip of unemployment and poverty, racism, inadequate health care and poor education took its toll on Williamsburg's population.

"The biggest problem for people living along waterfront were loading and unloading docks not being used anymore. The economy didn't call for that kind of industry anymore," said Ross, noting that when the ships stopped docking, the area quickly went downhill.

Williamsburg is still healing but, over the last 20 years, it has become a destination spot for new development and Manhattan residents seeking change without leaving the city.

"I loved my little one bedroom in Manhattan, but I grew up and grew out of it," said Sarah Burke, who moved to Williamsburg from Union Square four years ago. "I had reached a different part of adulthood and wanted more space for my money. In Williamsburg, I have my city feel and a neighborhood, too."

In June 2003, the first city plan under the Bloomberg administration was to rezone the 1.6 mile stretch of Brooklyn riverfront between the Williamsburg and Pulaski Bridges. Bloomberg opposed a proposal for a 1,100-megawatt power plant on the waterfront and green-lighted plans to zone for residential towers that would include a mix of market rate and low income homes as well as open space.

The re-zoning sparked a rash of condo conversions along Broadway, south of the bridge near the Peter Luger Steakhouse. Schaefer Landing, a 275-unit complex, was built in 2005 on the site of a former brewery at South Ninth Street. The Gretsch Building was the last of the factory conversions.

Today, the boom continues and new waterfront condominiums under construction include Toll Brother's 29-story Northside Piers and Douglaston Development's mega-project The Edge, which will have 1,085 residences with over 60,000 s/f of retail space, below- grade parking for 700 cars, and approximately 1.75 acres of open space when it opens late 2009. Both developments will have access to a dock/pier that will have 1,085 residences with over 60,000 s/f of retail space, below- grade parking for 700 cars, and approximately 1.75 acres of open space when it opens late 2009. Both developments will have access to a dock/pier that will stretch along the waterfront to Queens and a public park.

Under new rezoning laws, only waterfront buildings can exceed six stories but they must be under 40 stories high. Low-rise building regulations give way for open skies with riverfront views of Manhattan. Ross said there are two main selling points for the neighborhood; Proximity to the city and apartments priced 70% less than Manhattan.

"And it has something Manhattan could never have and that's absolutely beautiful city views," added Ross.

Other new developments include Steiner NYC's 80 Metropolitan, which will have 114 loft residences, nine town homes and 14 penthouses and the Kaufman Group's The Rialto, a four-story, 31-unit condominium.

The area is still known as an enclave for artists and musicians, but the new developments are attracting a wider mix of individuals and families.

"I notice more families here," said Burke. "I like the idea that in a few years when my toddler is older, I can feel comfortable to have my son riding his bike down the street."

Douglas Development's Jeff Levine said, "It's become a destination place and not a second choice."

According to Ross, it's the bars, clubs and restaurants that make Williamsburg a hip and fun place. "The [Williamsburg] crowd is very creative. Walking on streets, you see everyone from Wall Street guys to a 19-year-old kid sharing an apartment with three other people, and that's what makes the area fun."

Grand Street has a strip of cool stores and bars which seperate North from South Williamsburg.

The area between Grand and the Williamsburg Bridge is know as Los Sures, and the business district is on Havemeyer Street.

The east side of Broadway has lots of discount stores and cafeteria-style restaurants; to the west are factory conversions and more restaurants.

Bedford Avenue between Metropolitan Avenue and North Ninth Street is the one stop place for shopping and fun in Williamsburg.

Every kind of restaurant is available for dining, including Latin, Polish, Asian and Asian fusion.

"It's that storefront retail, not the big box mentality that makes it a place that you love to spend time," Levine said.

Live music often fills the street at venues like Public Assembly, Williamsburg Music Hall and Union Pool and the area has attracted famous residents like Jennifer Connelly and husband Paul Bettany, Maggie Gyllenhal, Adrien Grenier, Peter Sarsgaard, Project Runway pop icon Christian Siriano and the late Heath Ledger, whose daughter still lives there with mom Michelle Williams.

"You can live here incognito," said Burke. "I see them [celebrities] all the time and don't think twice."

With open spaces like McCarren Park and playgrounds, Burke said her 2-year-old son has lots of playmates because it's so easy to get out and about to meet other people and parents.

Ross said since re-zoning started you can't walk anywhere in Williamsburg without seeing construction work, but within five years "it will be a more cohesive, quieter community. Within 10 years, Williamsburg wil become more of a family community, which is what it was 20 years ago."

Wednesday, January 14, 2009