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Development Site Sold in Crown Heights

NEW YORK CITY—Slated to become a mixed-use property, the site features healthy rent projections for both retail space and residential condominiums.

By Rayna Katz | Updated on January 27, 2015

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.

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