Overview of 24 Fayette Street
24 Fayette Street is a standout in Bushwick's vibrant real estate market. Its limited units, modern design, and prime location make it a coveted address. Let’s explore the key highlights and features that make this building unique.
Building Highlights
24 Fayette Street, developed by RBM Holdings and designed by Builtd, is a five-story condominium featuring seven exclusive residential units. Completed in 2023, the building showcases contemporary design elements that cater to the modern urban lifestyle.
Key Features
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Floors: 5
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Units: 7
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Year Built: 2023
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Asking Price Range: $585,000 to $1.1 million
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Commercial Space: 30% of the total area (1,981 sq ft of 6,696 sq ft)
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Amenities: Elevator, roof deck, fitness center, bike storage, intercom system, central air, balcony, and terrace.
The building's design integrates functionality and comfort, making it an attractive choice for urban dwellers. With its limited number of units, 24 Fayette Street ensures an exclusive and intimate living experience.
Analysis of Market Performance
The real estate market performance of 24 Fayette Street offers key insights into its position within Bushwick’s dynamic property landscape. Here, we look at sales trends and pricing to understand its appeal to buyers.
Sales Timeline
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Sales Started: May 13, 2022
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Closings Started: March 17, 2023
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% Units Sold: 57% (4 out of 7 units)
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Sales Velocity: 0.1 units per month
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Sellout Period: Estimated at 2 years
The moderate sales velocity indicates a stable demand for the building's offerings. Its boutique nature ensures exclusivity, appealing to a niche audience. The sales timeline reflects consistent interest in the property, particularly among buyers seeking modern amenities and prime locations.
Pricing Trends
The asking prices for units range from $585,000 to $1.1 million. Closings have reflected consistent values:
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Unit 4B: Sold for $605,000 (1 Bed | 1 Bath)
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Unit 3B: Sold for $550,000 (1 Bed | 1 Bath)
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Penthouse: Sold for $1.05 million (2 Bed | 2 Bath)
This pricing aligns with the Bushwick neighborhood's growing popularity and the premium amenities offered by the building. The competitive pricing also reflects the high-quality construction and the added value of exclusive building features.
Buyer Demographics
The building has primarily attracted young professionals, couples, and small families. This demographic trend highlights the demand for smaller, well-designed living spaces in Brooklyn, where convenience and community amenities play a vital role in purchasing decisions.
Architectural Design and Stacking Plans
The architectural design of 24 Fayette Street reflects a thoughtful balance of aesthetics and functionality. Each unit is carefully planned to maximize space and natural light, ensuring a comfortable living experience.
Thoughtful Layouts
Each unit in 24 Fayette Street has been carefully designed to maximize space and natural light. The building’s architecture emphasizes practicality without compromising on aesthetics. This balance between functionality and design ensures that the spaces cater to the needs of modern urban residents.
Unit Distribution
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Studio: None
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1-Bedroom Units: 6 (50% sold)
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2-Bedroom Units: 1 (100% sold)
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3+ Bedrooms: None
The emphasis on one-bedroom units reflects the demand for smaller, efficient living spaces in the Bushwick area. The two-bedroom penthouse adds diversity to the offerings, catering to buyers seeking more spacious accommodations.
Stacking Plans
The stacking plans reveal a uniform distribution of units across the building, ensuring optimal space utilization and providing every resident access to key amenities. The uniformity in layout also simplifies maintenance and operations, contributing to a cohesive community experience.
Units and Listings
The limited number of units at 24 Fayette Street enhances its exclusivity, and its sales and rental history offer insight into the building’s market dynamics.
Current Listings
There are no active listings for sale or rent at 24 Fayette Street. Previously listed units have demonstrated competitive rental pricing:
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Unit 2B: Listed for $4,000/month (1 Bed | 1 Bath)
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Unit 4B: Listed for $3,000/month (1 Bed | 1 Bath)
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Unit 3A: Listed for $3,000/month (1 Bed | 1 Bath)
Sales History
The building has seen consistent sales activity since its launch:
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Unit 4B: Signed for $660,000
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Unit 3B: Signed for $585,000
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Penthouse: Signed for $1.1 million
This sales history underscores the steady demand for high-quality residential spaces in Bushwick. The competitive pricing of these units aligns with the broader real estate trends in the area, making 24 Fayette Street a desirable option for buyers seeking value and convenience.
Rental Market Potential
While the current focus is on sales, the building’s rental history suggests strong potential for investors. The competitive rental prices highlight Bushwick's demand for high-quality, well-located housing. The proximity to public transportation and neighborhood amenities further enhances the property’s appeal to potential renters.
Amenities and Environment
The amenities and environmental features of 24 Fayette Street add significant value to the property. Residents enjoy modern conveniences that complement their urban lifestyle, along with features that promote sustainability.
Amenities
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Roof Deck: Offers panoramic views of the Brooklyn skyline, providing residents with a serene outdoor space.
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Fitness Center: Fully equipped for residents’ convenience, encouraging an active lifestyle.
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Bike Storage: Caters to the needs of eco-conscious urbanites and cycling enthusiasts.
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Storage Units: Personal storage spaces available for each resident, addressing practical needs.
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Pet-Friendly: Accommodates pets, making it ideal for pet owners.
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Elevator Access: Enhances convenience for all residents.
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Intercom System: Ensures security and easy communication within the building.
Environmental Considerations
The building incorporates sustainable design elements, aligning with the increasing demand for eco-friendly housing. Features such as energy-efficient appliances and proximity to public transportation contribute to its environmental credentials. This focus on sustainability reflects broader trends in urban development, where eco-conscious design is becoming a standard expectation.
Location and Accessibility
Bushwick’s dynamic neighborhood sets the stage for 24 Fayette Street’s success. The area’s vibrant culture and excellent connectivity make it an attractive place to live.
Neighborhood Overview
Bushwick is renowned for its artistic community, eclectic dining scene, and street art. It has evolved into a sought-after neighborhood for young professionals and families. The area offers a unique blend of culture, convenience, and community, making it a prime location for real estate developments like 24 Fayette Street.
Connectivity
The building is conveniently located near the Flushing Avenue station, served by the J and M subway lines. This provides seamless connectivity to Manhattan and other parts of Brooklyn. The accessibility of public transportation makes it an attractive choice for commuters and those who prioritize convenience in their daily lives.
Local Amenities
Bushwick offers diverse amenities, including trendy cafes, restaurants, art galleries, and parks. This vibrant environment enhances the living experience at 24 Fayette Street, providing residents with easy access to leisure and entertainment options. The neighborhood’s unique character and community-focused atmosphere further add to its appeal.
Recent Developments and News
The market trends and updates related to 24 Fayette Street reflect its growing relevance in Bushwick’s real estate market. These developments offer insight into its competitive positioning.
Market Updates
The building has seen slight price adjustments over the past two years, reflecting market dynamics:
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Unit 2B: Rent price drop of 12.62%
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Unit 2A: Rent price drop of 3.39%
These adjustments indicate responsiveness to market conditions and a commitment to maintaining competitiveness. Despite these changes, the steady demand for units highlights the property’s enduring appeal.
Developer Updates
RBM Holdings maintains the property, ensuring high standards for residents and buyers. The developer’s proactive approach to property management contributes to the building’s reputation for quality and reliability.
Future Outlook
The prospects for 24 Fayette Street remain promising, with substantial investment potential and continued growth in Bushwick enhancing its long-term appeal.
Investment Potential
24 Fayette Street offers strong investment potential, particularly for those seeking rental income. The combination of high-quality design, prime location, and modern amenities ensures continued demand for the property. The stable sales history and competitive rental market further underscore its viability as a long-term investment.
Neighborhood Growth
Bushwick continues to experience growth and development, with increasing interest from residents and businesses. This ongoing transformation enhances the value of properties like 24 Fayette Street, making it a sound choice for buyers looking to capitalize on the neighborhood’s upward trajectory.
Summary and Key Takeaways
24 Fayette Street offers a unique blend of modern design, exclusivity, and accessibility. With a focus on one- and two-bedroom units, the building caters to many buyers, from young professionals to small families. Its amenities and prime location in Bushwick make it a desirable choice for urban living. For those seeking a contemporary residence in a vibrant neighborhood, 24 Fayette Street stands out as a compelling option.
FAQs
What is the asking price range for units at 24 Fayette Street?
The asking price range for units at 24 Fayette Street is between $585,000 and $1.1 million. This range reflects this boutique condominium's high-quality construction and premium amenities.
What amenities are available at 24 Fayette Street?
24 Fayette Street offers a range of amenities, including a roof deck, fitness center, bike storage, personal storage units, an elevator, central air, and a secure intercom system. It is also pet-friendly, making it an attractive option for families with pets.
How many units are available, and what is the layout?
The building has seven units, including six one-bedroom apartments and one two-bedroom penthouse. No studios or units with three or more bedrooms make it ideal for singles, couples, or small families.
What is the location advantage of 24 Fayette Street?
The building is located in Bushwick, Brooklyn, near the Flushing Avenue subway station, providing convenient access to the J and M train lines. The vibrant neighborhood also offers trendy cafes, restaurants, and art galleries.
Is 24 Fayette Street a good investment opportunity?
Yes, 24 Fayette Street presents strong investment potential due to its modern amenities, prime location, and demand for well-located rental properties in Bushwick. The consistent sales history and competitive rental market add to its appeal as a sound real estate investment.
