NEW YORK CITY—A development site located at 1525 Bedford Ave., in the Crown Heights neighborhood of Brooklyn, has been sold for $32.5 million. Featuring 144,404 square feet of buildable space, the property was purchased by Adam America with the intention of creating a mixed-use development. The buyer was represented by TerraCRG, a commercial real estate brokerage firm focused solely on Brooklyn.
The corner site is located between Eastern Parkway and Lincoln Place and has 500 feet of wrap-around-frontage along Eastern Parkway. It will contain a gym, basketball court, tenant lounge with complimentary WiFi, a roof deck with city-wide views and other modern amenities. In addition, 20% of the building's units will be affordable housing. The site offers direct access to Downtown Brooklyn, Lower Manhattan and other key areas of the city as the property is one block away from Franklin Station with access to the 2, 3, 4 and 5 subway lines.
“This site presented a perfect mixed use development opportunity, due to the prime corner location, convenient transportation, and flexible zoning,” says Ofer Cohen, founder and president of TerraCRG. “Ground floor retail rents are projected at $100 per square foot and condo sellouts are projected at over $1,000 per square foot at this location.”
Crown Heights has experienced a tremendous transformation over the last few years which include many condo developments, strong retail, and a robust brownstone sales market, TerraCRG notes. Last year, the firm handled the sale of 608 Franklin Ave., a similar mixed use development site on the corner of Franklin avenue and Dean street.
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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.
