Bedford Ave Retail Sites Sell for $40 Million, Shatter Records

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With a price like $3,200 per square foot for a retail site, you'd think you're talking about a high-end Fifth Avenue address—but that's what RedSky Capital just paid for 204-206 Bedford Avenue, Crain's New York reports. And combined with 184-186 Bedford Avenue at $2,500 per square foot, the firm plunked down $40 million for these properties near the L train stop, breaking a price-per-square-foot record in the city in 2014.

"Being on Bedford Avenue, the most trafficked block in Brooklyn's hottest neighborhood, these two developments are the epitome of trophy assets," Lee & Associates' Peter Levitan, who represented RedSky in the transaction, told the business publication.

204 Bedford Avenue is currently home to Pinkyotto, but there had been a "For Sale" sign on the property since summer—it was noted for its "unusually wide frontage" on the block (closer to 40 feet, instead of the typical 20). 184-186 Bedford Avenue, meanwhile, had housed bar and music venue Spike Hill until a few weeks ago.

Both sites are likely to undergo extensive work to be converted to multi-floor retail units, the final structure of which will be determined by the tenants who occupy it—Crain's says that RedSky is already fielding offers.

This firm is also responsible for bringing Apple to this block, just north of the J. Crew that opened earlier this year. While the price per square foot for the electronics store has not been disclosed, it's likely that it's had a ripple effect on other properties in the immediate vicinity.

· Williamsburg Site Closes for Record Sum in 2014 [Crain's]
· An Apple Store Is Really and Truly Coming to Bedford Avenue [Racked NY]
· Pinkyotto Is Likely Losing One of Its Two Williamsburg Shops [Racked NY]