Prime W’burg development site sells for $66M

New York /
Apr.April 19, 2012 11:00 AM

A group of parcels known as the Bedford portfolio, along Bedford Avenue in Williamsburg, has closed for upwards of $66 million, according to a statement today from Eastern Consolidated, who arranged the sale. The plots of land — at 158-160 N. 4th Street, 151-173 N. 3rd Street and 237-241 Bedford Avenue — will be developed into 50,000 feet of retail space and 39 residential units by a joint venture consisting of RedSky Capital and Waterbridge Capital.

The Development Will Front On Bedford Avenue, comprising almost the entire block between N. 3rd and N. 4th streets.

“The property’s average in-place rent on Bedford is $54 per square foot, however market rents along Bedford are three to four times that amount, demonstrating the significant upside potential of this asset” David Kessler, director of acquisitions at Waterbridge, said in the statement. “This parcel is the only one available along Bedford that offers both big-box retailers and local businesses retail space of this scale.” Tenants will be able to rent space as large as 10,000 square feet, the statement said.

Eastern Consolidated directors Gabe Saffioti and Benjamin Tapper introduced the two firms, according to the statement.

“The deal had many moving parts, we were pressured to come up with a minimum of $22 million of equity within a matter of days, and fortunately both parties agreed to terms because they understood the huge potential to maximize the underlying value of these assets in the future,” Saffioti said. — Guelda Voien


Related Articles

arrow_forward_ios
18 India Street and Greenpoint Landlease Global CEO Tony Lombardo (Google Maps, Lendlease)
Lendlease files plans for 14-story mixed-use building in Greenpoint
Lendlease files plans for 14-story mixed-use building in Greenpoint
RedSky Principal Benjamin Bernstein and a section of the prooperties along N6th in Williamsburg. (RedSky)
RedSky hands over Williamsburg retail portfolio valued at $145M
RedSky hands over Williamsburg retail portfolio valued at $145M
The assemblage at 547-557 and 559-589 Fulton Street, RedSky Capital’s Benjamin Bernstein and Steve Witkoff (Google Maps; ICSC; Witkoff)
Witkoff to advise on Downtown Brooklyn project
Witkoff to advise on Downtown Brooklyn project
Peter Hauspurg
Eastern Consolidated founder Peter Hauspurg dies
Eastern Consolidated founder Peter Hauspurg dies
Lendlease's Melissa Burch and 18 India Street in Greenpoint (Google Maps; Connect Conferences)
Lendlease pays over $100M for large Greenpoint development site
Lendlease pays over $100M for large Greenpoint development site
Ayush Kapahi, Zhang Xin and Danny Wrublin with 18 India Street (Linkedin, Getty, Google Maps, Wrublin by Chance Yeh)
Chinese billionaire unloads debt on struggling Greenpoint project
Chinese billionaire unloads debt on struggling Greenpoint project
Ben Bernstein and David Zalaznick (iStock, ICSC, Columbia)
Bernstein and Zalaznick’s firm says stakes in Brooklyn, Miami projects now worthless
Bernstein and Zalaznick’s firm says stakes in Brooklyn, Miami projects now worthless
Waterbridge JV shops 1M sf DTLA mixed-use complex
Waterbridge JV shops 1M sf DTLA mixed-use complex
Waterbridge JV shops 1M sf DTLA mixed-use complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...