Williamsburg, Brooklyn continues to evolve — and one of its most iconic local businesses, Crest Hardware, is the latest to make way for new housing. As a Williamsburg real estate agent who’s been working and living here for nearly a decade, I have mixed feelings. Like many neighbors, I’ll miss the charm of Crest, but from a housing perspective, the redevelopment of 554–558 Metropolitan Avenue makes a lot of sense.
The End of an Era on Metropolitan Avenue
You’ve probably heard that Crest Hardware closed last year. It was a beloved, old-school hardware store on Metropolitan Avenue, just steps from the Lorimer L train stop.
Crest’s building, at 558 Metropolitan Avenue, and the one next door at 554 Metropolitan Avenue, will both be demolished to make room for a new apartment tower. It’s bittersweet — losing a neighborhood institution for new construction — but as someone who’s watched Williamsburg evolve for years, I see both sides.
What’s Replacing Crest Hardware?
According to Greenpointers, the redevelopment could include around 75 new apartments. The site is large by Williamsburg standards — nearly 8,000 square feet of land area — and features flexible zoning (R7A and C4-3).
For context, that combination of lot size and zoning makes the site one of the stronger development opportunities in Williamsburg. Properties like this — especially those near subway lines — rarely come to market.
Zoning and Development Potential in Williamsburg
From a real estate perspective, the 554–558 Metropolitan lot offers a rare chance for significant residential density. The zoning allows for both residential and commercial use, making it possible for mixed-use developers to bring new housing and ground-floor retail to the block.
As someone who’s walked past these buildings countless times while showing listings, I can say the apartments above 554 looked vacant for quite a while. Now, the space can serve a new purpose — adding much-needed housing stock to a city where demand far exceeds supply.
Why More Housing Is Good for Williamsburg (and NYC Landlords)
While it’s sad to see a local business go, more housing in Williamsburg is ultimately a positive thing. Rents in Brooklyn — and across NYC — have risen largely because there isn’t enough housing to meet demand.
Governor Kathy Hochul has said New York needs 500,000 new apartments by 2030 to stabilize housing costs. Redevelopments like this one contribute to that goal. For landlords and property owners, it’s also a sign that demand for housing — and for development sites — remains strong.
Could Crest Hardware Return?
It’s fun to imagine a future where Crest Hardware (or something inspired by it) returns to the ground-floor commercial space of the new building. The zoning certainly allows for it. Whether the owners would want to reopen is another question — but maybe a new restaurant or shop could pay tribute to Crest’s legacy with a mural, vintage fixtures, or even a name that nods to its history.
Either way, it would be a great way to blend Williamsburg’s past and future.
What This Means for Williamsburg Property Owners and Developers
For anyone who owns property in Williamsburg — especially along Metropolitan Avenue or near the Lorimer L train — this redevelopment is a reminder of how valuable well-located, liberally zoned sites can be.
If you own a townhouse, mixed-use property, or development site, now might be a strong time to explore your options. Demand for properties with R-series zoning remains high, and I work with buyers and developers looking for both small and large sites.
Thinking of Selling or Developing in Williamsburg?
If you’re a Williamsburg property owner or NYC landlord considering selling, redeveloping, or just curious about your property’s market value, I’d be happy to help.
📞 Call or text me at (203) 209-3640
📧 Or email me to schedule a confidential valuation of your Williamsburg property.
I’ve helped buyers and sellers across Brooklyn navigate zoning, valuation, and redevelopment — and I’d be glad to offer my insight on your property too.
About the Author
I’m a licensed Williamsburg real estate agent specializing in residential and mixed-use properties across Brooklyn. With nearly a decade of experience in the neighborhood, I’ve worked with landlords, developers, and homeowners navigating the ever-changing New York City market.
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