The Real Deal New York

Two Bedford Avenue sites hit the market asking over $40M

Sites offer up unusually wide frontage in prime Williamsburg shopping spot
August 05, 2014 05:35PM

Two Williamsburg properties near the Bedford Avenue L train are up for grabs for a combined $40 million.

The first site, located at 184-186 Bedford Avenue between North Sixth and North Seventh streets is currently home to bar and music venue Spike Hall Music, and is asking $19.5 million. A second property a block south at 204-206 Bedford Avenue, home to a Thai restaurant, deli and women’s clothing store, has a price tag of $23 million.

The two properties are being marketed by Massey Knakal’s Mark Lively, who tells Crain’s that the shops offer up unusually wide frontage along the avenue. The spot at 184-186 Bedford has a 40-foot frontage, while the second has 50 feet. That’s in comparison to the 25-foot frontage most common along the avenue.

“With this kind of frontage, you can attract a wider variety of retailers,” Lively told Crain’s.

The asking prices on the two sites works out to roughly $3,000 per build able square foot — a cost that has nearly tripled since 2008, according to Crain’s. The bidding process on the properties is slated to end Aug. 26. [Crain’s]Julie Strickland