Vasco Ventures to Build 35 Luxury Units in Bed-Stuy
- Dec 31, 2014
New York—Private real estate group Vasco Ventures has unveiled plans to construct 35 luxury units in the Bedford-Stuyvesant neighborhood of Brooklyn.
The company recently closed on four individual purchases for the development site, which currently consists of three adjacent buildings and a vacant lot. Vasco Ventures plans to demolish the three buildings to make way along Tompkins Avenue for the new building, which the company has dubbed Hancock Manor. The site will consist of the 410, 412, 414 and 416 Tompkins Avenue parcels and construction is expected to begin within 90 days of the site’s razing.
“Before Bed-Stuy started getting red hot, we realized where it was going,” says Vasco Ventures 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.”
Plans for the new building reveal an L-shaped tower with 18 parking spaces, and an amenities list that will include a top-floor gym with a half glass rooftop offering views of the Manhattan skyline. Other building elements will include large balconies and rooftop terraces.
“Bed-Stuy real estate has been an ongoing story,” says Reuvain Handelsman, director of operations at Vasco Ventures. “The latest development is that the momentum, which originated from the residential end, is expressing itself in the commercial market now. 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.”