Last fall, YIMBY revealed four new brick townhouses at 127-131 South 1st Street in Williamsburg, and now excavation has begun at the site between Berry Street and Bedford Avenue.
Idan Shitrit of Kent Avenue-based Investmates Real Estate told us that they broke ground on the development two weeks ago, after demolishing the property’s two-story garage. Each of the two-family homes will hold a garden duplex followed by an owner’s triplex, along with a private rooftop terrace. They’ll rise four stories and span 4,000 square feet a piece. When they hit the market, the houses are expected to ask between $4,500,00 and $5,000,000 each.
Nataliya Donskoy’s ND Architecture & Design, headquartered in Red Hook, designed the red-brick townhouses.
This project joins the Wythe Lane Townhouses, a crop of six four-story homes under construction a few blocks away at South 4th Street and Wythe Avenue. Walls have just begun to rise, but contracts have already been signed for five of the single-family houses. Their $4,000,000 asking prices and the growing townhouse trend in Williamsburg illustrate how expensive property has become there, especially north of the Williamsburg Bridge.
In the last year or two, developers have shelled out so much for land in the increasingly upscale hood that they’ve shifted their focus from pricey rentals to condos, townhouses, or some combination of the two. Investmates paid $3,750,000 for the 6,800-square-foot plot on South 1st Street, which works out to $273 per buildable square foot. And that’s a bargain compared to Red Sky’s record-breaking purchase of two commercial development sites on Bedford Avenue last year, where they paid $3,200 and $2,500 per buildable square foot.