In October of 2014, YIMBY reported on applications for an eight-story, 385-unit residential building at 123 Melrose Street, the site of the former Rheingold Brewery complex in western Bushwick, located three blocks from the Myrtle Avenue stop on the J/M/Z trains. All Year Management has now acquired a piece (28 Stanwix Street) of the mega-block development site – bound by Evergreen Avenue and Stanwick, Melrose, and Noll streets – from Princeton Holdings and Read Property Group for $72.2 million, The Real Deal reported.
The latest building permits detail a much-evolved plan compared to the 2014 filings, featuring two six-story, 304- and 292-unit residential buildings with retail space. 123 Melrose Street, the larger one in unit count, will measure 359,811 square feet in total and includes 11,987 square feet of ground-floor retail. The other building, at 54 Noll Street, encompasses 383,998 square feet, of which 15,218 square feet will be used as ground-floor retail. The developer acquired 123 Melrose for $68.5 million last October, and raised $66 million in financing through Israeli bonds in February. ODA New York is the architect of record.
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