A vacant lot in the heart of Bed-Stuy is about to grow a new apartment building.
The Bluestone Group, a real estate investment firm based near City Hall, plans to build a four-story residential project at 239 Marcus Garvey Boulevard, between Lexington and Greene avenues. They filed new building applications for a six-unit building on the 40-foot-wide lot.
Those six units would be divided across 9,385 square feet of residential space, and average units would be a condo-sized 1,059 square feet. The ground floor will have a full-floor apartment, followed by half-floor apartments and duplexes on the remaining stories. Two units will be duplexes.
This building could end up as large rentals, but given the current market in Bed-Stuy, condos seem more likely. Also, the state still hasn’t hammered out a deal since the 421-a tax exemption expired in mid-January. That means small projects throughout the outer boroughs that would have been rentals will be forced to go condo instead.
City Planning Director Carl Weisbrod even said so during a City Council hearing yesterday. He remarked that the lack of the tax break will “put a thumb on the scale against rental housing and that’s unfortunate,” according to Daily News reporter Erin Durkin.
Charles Mallea’s M Architecture will be responsible for the design of 239 Marcus Garvey.
Bluestone Group picked up the property in December for $1.8 million, or $190 per square foot of their planned building.
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However..condo, rentals or apartment, preparing the ideas to move the city one thing at a time.