Beigel’s Bakery’s New Life as Rental Building

The southwestern corner of Clinton Hill is buzzing with activity these days.

The southwestern corner of Clinton Hill is buzzing with activity these days. A new rental building is well under construction at 555 Waverly Ave. between Atlaintic Ave. and Fulton St., where Brooklyn’s famed Beigel’s Bakery operated for over a decade.

555 Waverly - Clinton Hill, Brooklyn

555 Waverly – Clinton Hill, Brooklyn

Madison Realty Capital purchased the three-story commercial bakery at 551 Waverly Ave. for $23.5 million from Broadway Equities in fall 2014. According to Crain’s New York Business, the company also dropped $7.5 million for three neighboring sites as well as development rights from adjacent properties so that the planned project could accommodate more than 170,000 square feet of development potential. Madison Realty Capital filed plans for new building permits shortly after closing on the transactions. Madison Realty Capital is leading development of the site in partnership with USAA Real Estate Co.

The $88.5 million multifamily project will offer 190 rental apartments in a combination of studios, one-, and two-bedroom dwellings—with 40 units set aside as affordable housing, a roof deck and a fitness center.

Designed by HTO Architect, the eight-story residential structure rising at 555 Waverly Ave. will also include 7,000 square feet of ground floor retail space along Atlantic Ave., New York YIMBY reported. More than 27,000 square feet of the building will be below grade, offering amenity room and storage space, as well as a parking garage for 96 vehicles.

Rendering credits: HTO Architect