Brooklyn Music Venue Becomes New Residential Building
Double U Development secures $23 million to transform the former Brooklyn Bazaar site into apartments.
Updated on Oct. 15, 2026 in Commercial
Live Poll
Do you support converting former commercial or event spaces into new apartment buildings in your area?
Double U Development has received a $23 million loan from Colorado Federal Bank to build an eight-story residential building in Brooklyn. The project will replace the former Polonaise Terrace and Brooklyn Bazaar venue at 144 Greenpoint Avenue.
Why it matters
The project repurposes a historic local site into much-needed housing, utilizing a 485-x tax exemption to support the construction of 60 new residential units.
The development at 144 Greenpoint Avenue features 60 residential units within an eight-story structure. The site was originally acquired for $8.9 million.
The players
Double U Development
The real estate firm is managing the redevelopment of the former Brooklyn music venue into a modern residential and retail complex.
Colorado Federal Bank
The financial institution is providing the $23 million loan necessary to facilitate the property construction and debt retirement.
New York City Landmarks Preservation Commission
The agency is responsible for reviewing and approving development plans that impact historic or significant architectural sites in the city.
The details
The development plans, which received approval from the New York City Landmarks Preservation Commission, include both residential and retail space. The new financing effectively covers all future construction costs while retiring previous debt from the land purchase.
Timeline
2016: The Polonaise Terrace venue permanently closed at the Greenpoint site.
May 2025: Redevelopment plans were formally filed for the property.
January 2026: Double U Development purchased the location for $8.9 million.
2028: The project is scheduled for completion.
Culture Shift
This project reflects a broader urban trend of converting defunct entertainment venues into high-density residential properties to combat housing shortages. It highlights a shift in city zoning priorities as developers pivot from commercial event spaces toward long-term housing solutions.
Residents in the Greenpoint area can anticipate the transition of a long-vacant concert venue into a functional residential and retail hub. The project ultimately adds 60 new apartments to the local housing stock by the time construction concludes in 2028.
The takeaway
The transformation of the former Brooklyn Bazaar site underscores the ongoing repurposing of underutilized urban spaces into residential assets. Home seekers and investors should monitor how similar tax-incentivized developments continue to alter the neighborhood landscape.
Further reading
For more information on market trends, visit New York City Commercial.
Source note: This article includes information reported by Commercial Observer.
Live Poll
Do you support converting former commercial or event spaces into new apartment buildings in your area?
