Foster Equities' 322 Gates Avenue will soon enter the Bed-Stuy residential scene, set to replace the single-story Bedford Beer & Soda Distribution building on the corner of Gates and Bedford Avenues. Foster purchased the 7,500-square-foot warehouse in March 2015 for $4.5 million, tapping Z Architecture to design the 6-story mixed-use residential building. Expected to be complete in 2018, 322 Gates will comprise 22,272 square feet, with nearly 1,000 of that amount designated for commercial space.
The building will bring 28 no-fee residences to Bedford-Stuyvesant. Its second through fifth floors will have six units each, topped by four units on the sixth floor. The building's amenities include a bike room, common recreation space, and some on-site parking.
322 Gates will join two other nearby 6-story residential buildings, both within a block’s distance and built in 2009. Down the street at 315 Gates Avenue is a 72-unit condominium building, with an average price per square foot of $977 (a bit pricier than Bedford-Stuyvesant’s average price of $757 per square foot this August). Also nearby is a 29-unit condominium at 111 Monroe Street, with an average price per square foot of $909. Technically situated in Clinton Hill, the building weighs in as less expensive than the neighborhood’s August average price of $970 per square foot.
Contributing Writer
Katy Cornell
Katy Cornell is a Long Island native with a passion for writing about real estate in the big city. She recently graduated from the University of Virginia with a BA in English and is a frequent contributor to CityRealty's Market Insight and NYC real estate blog 6sqft.
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