Developer Completes Assemblage for Two-Building Residential Complex at 123 Melrose Street & 54 Noll Street, Bushwick

123 Melrose StreetAssemblage at 123 Melrose Street, image via Google Maps

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.

Subscribe to the YIMBY newsletter for weekly updates on New York’s top projects

Follow YIMBY’s Twitter foenr the latest in YIMBYnews

Subscribe to YIMBY’s daily e-mail

Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews

TFC Horizon