Architectural and Design Highlights
The architectural design of The Melrose is a result of a collaboration between TNE Building and Royal Engineering. The property’s modern aesthetic and high-quality finishes make it stand out in the competitive Brooklyn real estate market.
The building’s imported Greek Aluminco facade is visually striking and contributes to its durability. Clean lines and contemporary features define the exterior, while the interiors are meticulously designed to maximize space and functionality. Large windows allow ample natural light to flow through the units, enhancing the sense of openness.
Interior Details and Materials
The interiors of The Melrose are crafted with attention to detail. Polished concrete floors, Italian copper-toned tiles, and quartz countertops give each unit a cohesive and sophisticated look. The kitchens have high-end appliances and finishes, making them practical and stylish. These thoughtful design elements cater to modern urban lifestyles while maintaining an inviting atmosphere.
Market Analysis and Sales Trends
The real estate market surrounding The Melrose demonstrates steady interest, with 50% of the units already sold. This boutique development has maintained a consistent sales velocity of 0.1 sales per month over the past year, which aligns with the trends observed in similar properties within the area.
The asking price range for units at The Melrose is between $580,000 and $1.73 million, reflecting the property’s high-end design and desirable location. Sales data indicates a strong demand for one-bedroom and two-bedroom units, with significant transactions such as the $840,000 sale of Unit 4R. This pricing aligns with market trends for boutique condominiums in Bushwick, making The Melrose a competitive option for buyers.
Comparison with Similar Properties
Compared to other developments in Bushwick, The Melrose offers a more exclusive living experience due to its limited number of units. This boutique nature appeals to buyers looking for privacy and uniqueness in their homes. The property’s absorption rate of 36 months further highlights its position in the market, with selective buyers contributing to its steady sales performance.
Living Experience at The Melrose
The Melrose provides residents with a comfortable and convenient lifestyle. The thoughtfully designed units cater to various needs, offering spacious layouts and modern amenities. Residents can enjoy a blend of functionality and aesthetic appeal, making daily life practical and enjoyable.
Unit Configurations and Features
The property features one- and two-bedroom units designed to maximize space and usability. In-unit amenities include washers and dryers, making residents’ daily routines convenient. Juliet balconies offer a private outdoor space for relaxation, while the large windows ensure each unit is filled with natural light. The combination of these features creates an inviting living environment.
The Neighborhood Advantage
Living at The Melrose means being part of the vibrant Bushwick community. The neighborhood is known for its artistic vibe, with numerous galleries, murals, and cultural events. The area’s diverse dining options and proximity to public transportation make it an ideal location for residents seeking urban convenience and cultural richness.
Financial Details and Investment Potential
The Melrose’s pricing range of $580,000 to $1.73 million positions it as an attractive investment opportunity. The steady rental demand in Bushwick further enhances the property’s appeal for investors, as the units offer the potential for consistent rental income.
Return on Investment
Rental listings such as Unit 3F, which was priced at $3,000 per month, highlight the potential return on investment for buyers. The high-quality finishes and desirable location ensure that the units retain their value over time. Additionally, the growth of Bushwick as a sought-after neighborhood contributes to the long-term appreciation of properties like The Melrose.
Stability in a Competitive Market
The combination of high construction standards and thoughtful design makes The Melrose a stable investment in Brooklyn’s competitive real estate market. Its boutique nature and location within a thriving community further solidify its position as a valuable asset for homeowners and investors.
Amenities and Features
The Melrose offers an impressive range of amenities to enhance residents’ quality of life, blending modern convenience with the property’s boutique charm. Every detail has been carefully considered to create a comfortable, stylish, and inviting living experience.
Highlights of Amenities:
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Terrace: A beautifully designed shared outdoor space where residents can unwind, socialize, and enjoy the fresh air.
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Walk-Up Access: Enhancing privacy and exclusivity, the walk-up design adds a touch of charm and uniqueness.
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Intercom System: A reliable and user-friendly system that ensures security and convenience for all residents.
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Modern Kitchens: Thoughtfully designed with high-end appliances, sleek finishes, and ample storage, these kitchens are perfect for cooking and entertaining.
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Central Air Conditioning: Enjoy year-round comfort with efficient climate control, keeping residents cool in summer and warm in winter.
Exclusivity and Residential Focus:
One of The Melrose’s most distinguishing features is its dedication to maintaining a purely residential space. With no commercial use within the building, residents benefit from a serene and private environment, free from the hustle and bustle of retail activity. This exclusivity enhances the sense of community and ensures that The Melrose serves as a peaceful retreat in the vibrant and dynamic Bushwick neighborhood. It’s a perfect blend of tranquility and modern urban living, catering to those who value comfort, style, and privacy.
Legal and Development Milestones
The development of The Melrose has been marked by several key milestones, showcasing the expertise of its developers and architects. These milestones highlight the careful planning and execution that has gone into creating this standout property.
Key Dates
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Offering Submitted: July 20, 2020
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Offering Accepted: June 8, 2021
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Offering Effective: January 17, 2022
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Condo Declaration Filed: March 14, 2022
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Certificate of Occupancy Issued: August 12, 2022
Developer and Architect Contributions
The Melrose’s success is a testament to the collaboration between TNE Building and Royal Engineering. Their commitment to quality and innovation has resulted in a property that combines aesthetic appeal with practical functionality. The issuance of the Certificate of Occupancy in 2022 marked the completion of the project, ensuring that the building was ready to welcome its first residents.
Conclusion
The Melrose at 18 Melrose Street is a prime example of modern urban living in Bushwick, Brooklyn. Its boutique size, high-quality finishes, and vibrant location make it a standout option for buyers and investors alike. With a combination of thoughtful design, desirable amenities, and a strong market position, The Melrose offers an exceptional living experience.
As Bushwick continues to grow as a cultural and residential hub, The Melrose represents a unique opportunity to be part of this dynamic community. With three units still available, now is the time to explore what this property offers.
FAQs
What types of units are available at The Melrose?
The Melrose offers a selection of one-bedroom and two-bedroom condominium units, each designed with modern finishes and amenities to cater to contemporary urban living.
What amenities does The Melrose provide?
Residents of The Melrose enjoy amenities like central air conditioning, a central laundry room, and modern kitchens with high-end appliances.
Is The Melrose pet-friendly?
The Melrose's pet policy is not explicitly stated in the available sources. Prospective residents should contact the property management or sales agent for detailed information regarding pet allowances.
What is the neighborhood like around The Melrose?
Located in Bushwick, Brooklyn, The Melrose is situated in a vibrant neighborhood known for its dynamic arts scene, diverse dining options, and a strong sense of community. The area offers a mix of residential streets lined with row houses and warehouse lofts, contributing to its unique character.
How can I inquire about available units or schedule a viewing at The Melrose?
Interested parties can contact the sales agent, Serhant, or visit real estate platforms such as Zillow or Corcoran to find current listings and schedule viewings.
