On the Market: Apple Goes to Williamsburg; Condos Go to…Sheepshead Bay?

(Wiki)

(Wiki)

Apple has signed a long-term lease on a 20,000 square-foot retail space in Williamsburg, the Post reports. The store will stand on the corner of North 3rd Street and…Bedford Avenue, surprise surprise. Details about the deal remain scarce, but the leasing agent told a reporter in 2012 that the rent at 247 Bedford would run $185 to $200 a square foot. A “two-story brick structure, a few blocks from the Bedford Avenue L station,” the building “is getting a whole new look, featuring dramatic, arched windows, to be completed in April 2015.” And you thought the one in Soho was bad…

Meanwhile, on Long Island, a spec home in Bridgehampton fashioned in the mode of a “modern farmhouse” is due to list for $25.995 million, the Journal writes. The 14,181 square-foot mansion will stand on a 2.5 acre plot near by not on Sagg Pond. Nonetheless, the Journal advises, “Jonathan Miller, president and CEO of appraisal firm Miller Samuel, said that a roughly $26 million non-waterfront property sale would ‘not be an outlier’ for the area, which has seen higher sales volume in the luxury market. According to the latest Elliman Report for the Hamptons, which Mr. Miller prepared, there were 39 sales above $5 million in the third quarter, the second highest total since the second quarter of 2006.”

And near a waterfront of a different kind, the El Greco Diner, together with an adjacent parking lot, will soon become a residential condo development, Crain’s reports. The eatery has been owned and operated in Sheepshead Bay since the 1970s by the Venetoklis family and was purchased by the prominent south Brooklyn builder Rybak Development & Construction for $13 million. Erik Yankelovich, the GFI Realty broker who handled the sale, told Crain’s, “They’re building a little empire in an area of the city that is really changing. Prices in south Brooklyn are half of what they are in places like Williamsburg, and you’re seeing young professionals moving there.” Gotta love those young professionals.

But at least one of them, it appears, recently had to move out of her $2,900 a month studio on Bedford Avenue. The Times has a rare story of gentrification’s tide reversed, of a landlord vexed. Tranquilina Alvillar, a 50-year-old immigrant from Mexico who cleans commercial buildings for a living, returned to that selfsame studio on Monday after three years’ absence, having been forced from the place, then a–larger–$700 a month rent-stabilized dwelling, by a landlord determined to renovate and jack up prices. Ms. Alvillar has Housing Court, community organizers and helpful lawyers to thank. And now she has a stainless steel refrigerator and exposed brick walls! These additions, no doubt, have made the whole ordeal worth it.

Ms. Alvillar’s fight, though, ranks rather low on the scale of this year’s real estate-centric spats. Curbed has a top-ten list of 2014’s biggest battles, a rundown which includes the MoMa expansion, the Picasso curtain the Airbnb brouhaha, among others.

Of course, further conflict is always percolating. A Parks department employee in Jamaica has filed suit against the agency, alleging that it “passed him over for promotions more than half a dozen times and unfairly disciplines minority workers in a way that’s similar to ‘stop-and-frisk,’” according to DNAinfo. If that comparison seems like it might be a stretch, Robert McClain’s allegations nonetheless come “six years after a class-action lawsuit between the city and more than 3,000 workers was settled for $21 million. The suit claimed that whites were unfairly promoted and paid more.”

And more lists. The Real Deal has a roundup of some of the largest and most interesting projects of the year, brought to you with cooperation from Property Shark.

Plus, Bowery Boogie provides locations where you can see The Interview, if you’re feeling rebellious.

On the Market: Apple Goes to Williamsburg; Condos Go to…Sheepshead Bay?