Cayuga Capital has revealed more details about the firm’s hallowed conversion at 626-628 Bushwick Avenue.
The property, formerly St. Mark’s Evangelical Lutheran Church and school, will be transformed into 99 rentals. The development will offer studios, one-bedrooms, two-bedrooms and a “sprinkling” of three-bedrooms, Cayuga’s James Wiseman said yesterday at TerraCRG’s The Brooklyn Real Estate Summit 2014. Of the apartments, 20 percent will be affordable. Also, Wiseman would like you to know that the current rendering of the building (in photo up top) is totally not what the final project will look like.
“This is not the rendering — it’s terrible,” he said. “It’s like a rendering I did.”
The church’s steeple will hold a triplex, and the top floors will have terraces. The developer plans to repurpose the property’s pews and other church materials.
Cayuga first filed conversion plans in February 2012, but they were disapproved, Brownstoner reported. A new permit under the address 616 Bushwick Avenue was issued in November 2013. Hustvedt Cutler Architects is the architect of record.
To raise funds to complete 626 Bushwick, Cayuga was looking to sell a 90 percent interest stake in its seven-building Bushwick portfolio for $14 million, The Real Deal reported in October 2013.
Meanwhile in Williamsburg, Cayuga’s SteelWorks Lofts conversion (“We call it the Lebowski,” Wiseman said) has finally shed its scaffolding. Cayuga and Jake Toll, the son of Toll Brothers chairman Robert Toll, acquired the building at 76 North 4th Street in late 2010. The apartments were originally slated to be condos, but now they’re rental.
Last year, Brownstoner uncovered a slew of floorplans and renderings for the AvroKo-designed interiors. Gene Kaufman is the architect. The apartments will hit the market by June, The Real Deal reported.
