Many say that the Bronx is becoming the new Brooklyn, from a real estate perspective at least. That notion was confirmed by well-known Brooklyn developer Eli Karp, who’s been erecting some of downtown Brooklyn’s most luxurious condominiums since 2005.
Recently though, Karp and his Hello Living development firm have said goodbye Brooklyn and Hello to the Bronx after purchasing a parcel at 1049 Washington Avenue in Morrisania.
Called Hello W, the project will bring an 104-unit condominium, featuring 74,896 square feet of residential space, 48,364 square feet of community facilities, and 27,065 square feet for retail space to the corner property along East 165th Street.
“I like corner properties and I like the Bronx,” Karp said, explaining the rationale behind his uptown move.
Each Hello W residence, from studios to four bedrooms, will feature triple-pane windows and doors, stainless steel appliances, and signature floor-through units with front and back terraces, which epitomize what Hello Living called ‘indoor outdoor living.’
He also cited the neighborhood’s rich transit options between Melrose’s Metro North station, the #2 and #5 IRT lines as well as Bx6 and Bx15 buses as positive selling points for the property.
The developer said that his interest in the Morrisania property comes from its similarity to Prospect Heights, before that area was proverbially put on the map.
“It was once considered a place that developers weren’t going,” Karp said, mentioning his intention is to “never change, but only add to a neighborhood.”
That Hello W sentiment is exhibited in what Karp called “an effort to give people something to own with no crazy prices.”
As far as crazy prices go, that was a major component for the developer’s Bronx migration.
“I am definitely being priced out of Brooklyn,” he said.
City real estate is becoming so astronomically expensive that one would think it’s actually ‘fake’ estate. It’s a factor in why Karp intends to slow down with condo developments and switch to rental properties.
Particularly in an area of the Bronx that he, along with many others, view as a hidden, emerging gem.
“I see similarities in the south Bronx waterfront from Port Morris to Yankee Stadium to areas like Dumbo and Greenpoint in Brooklyn,” Karp said.
As a matter of fact, he’s looking into saying hello to a Harlem River parcel as well.
For now though, Karp’s focus is on Hello W and its anticipated opening is in two and a half years.
“We’ll take it from there,” he said.
For more information on Karp’s entire housing portfolio, visit www.hello