NEW YORK CITY—Two development sites in Williamsburg have been sold in all-cash transactions with an aggregate value of more than $39 million. Located at 184-186 and 204-206 Bedford Ave., the transactions were done record setting levels.
Between North Sixth and North Seventh streets, 184-186 Bedford Ave. is an approximately 6,400 buildable square foot development site that offers 40 feet of frontage. The property was sold for over $21 million, equating to approximately $3,230-per-buildable-square-foot.
Meanwhile, 204-206 Bedford Ave., located between North Fifth and North Sixth Streets, is an approximately 7,500 buildable square foot development site with 50 feet of frontage. The site was sold in an all-cash transaction valued at $19 million, equating to approximately $2,533-per-buildable-square-foot.
Massey Knakal Realty Services' Brendan Maddigan exclusively represented the seller in these transactions. Peter Levitan of Lee & Associates NYC, exclusively represented the buyer. The identities of the principals in the deal were not available at press time.
“Through our marketing platform, we were able to achieve prices more than 33% higher than the top offers the owner received both directly and through buyers' brokers before engaging us,” says Maddigan. “Also, these two sales are an order of magnitude higher than the next highest price per buildable square foot ever in Brooklyn, which was in August of this year and recorded at $885 per buildable square foot.
Further, he notes, “The highest sale this year in Manhattan was $1,462 per buildable square foot.”
Adds Levitan, "The buyer had the vision to provide the market with one of a kind built-to-suit spaces. The lots allow for larger concepts with expansive frontage on a block that is saturated by 20-foot wide buildings. Being on Bedford Avenue, the most trafficked block in Brooklyn's hottest neighborhood, these two developments are the epitome of trophy assets."
The two sites have no encumbering leases and sit within one block of the Bedford Avenue L train station.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
