Bed-Stuy real estate is on a roll and showing no signs of slowing down any time soon. The latest prolific example of this development comes from Vasco Ventures, a rapidly growing private real estate group.
The company is releasing plans and renderings for the construction of 35 luxury units on Tompkins Avenue, and has closed four individual purchases for the site of development. This site is composed of three adjacent buildings – which will be demolished – neighboring one vacant lot. Vasco Ventures has dubbed their latest endeavor “Hancock Manor.”
Hancock Manor is a gleaming L-shaped planned-tower with 18 parking units and, among other amenities, a top-floor gym with a half glass rooftop offering an unrivaled view of the Manhattan skyline. Beyond its glistening appearance, the construction project also provides a rental option for a market where property prices have shot up to roughly three times of their value as recently as two years ago.
“Before Bed-Stuy started getting red hot we realized where it was going,” said Founder and CEO Ephraim Vashovsky. “But the market is getting flushed out, properties have nearly tripled in price over the past few years, and we’re giving residents – primarily young business people – the option to live in the area without buying.”
Vasco released renderings showing large balconies, roof-top-terraces, and sleek architecture of the property, which is located at 410, 412, 414 and 416 Tompkins Street. The company projects 14-18 months until the building is completed and fully leased.
“Bed-Stuy real estate has been an ongoing story. The latest development is that the momentum, which originated from the residential end, is expressing itself in the commercial market now,” said Director of Operations Reuvain Handelsman. “We’re answering that, and, as an added benefit, we’re answering it five blocks from the A and C trains. The final product will be a game-changer on multiple levels.”