Brooklyn Development Opportunity Purchased for $12 Million
April 18, 2017
NEW YORK, April 18, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of two vacant lots and a warehouse totaling 12,725 square feet at 814-826 Bedford Ave. in Brooklyn, New York. The sales price is $12 million.
“This corner development site is strategically located in a part of Bedford Stuyvesant that is in high demand from traditional developers and the nearby Hasidic community,” says Jakub Nowak of Marcus & Millichap’s Brooklyn office. “After several rounds of competitive bidding, we were able to negotiate a completely noncontingent contract and a sale of $314-per-buildable-square-foot, which is $1 million above the original asking price.”
“814-826 Bedford Avenue was one of the largest sites remaining in an area that saw significant development over the past few years,” adds Jason Grunberg, a member of Jakub Nowak’s team. “This dramatic transformation from an industrial stronghold to an emerging neighborhood has been driven by the substantial increase in property values and rents.”
Nowak and Jason Grunberg represented the seller, Prezant Auto Glass, and procured the buyer, a locally active private developer.
The site is very close to the Myrtle Avenue retail corridor, a 10-minute walk from the Flushing Avenue and Myrtle-Willoughby Avenues G train subway stops and near the Pratt Institute.
The three lots have a total 132.25 feet of frontage on Bedford Avenue and 100 feet of frontage on Park Avenue, and all are zoned for mixed-use development. The buyer plans to build a synagogue with a hotel or apartments above it.