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High Price for Bed-Stuy Development Site
April 19, 2019
A local developer paid $12 million for a package of development sites in the Bedford Stuyvesant neighborhood of Brooklyn.
“After several rounds of competitive bidding, we were able to negotiate a completely non-contingent contract and a sale of $314-per-buildable-square-foot, which is $1 million above the original asking price,” says Jakub Nowak of Marcus & Millichap, which represented the seller, Prezant Auto Glass, and procured the buyer.
The two vacant lots and a warehouse totaling 12,725 square feet are at 814-826 Bedford Ave. It’s one of the largest remaining development sites remaining in the area. The buyer plans to build a synagogue with a hotel or apartments above it.
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