The Real Deal New York

Williamsburg development site trades for record-setting price

RedSky's buy of Bedford Ave. properties the highest per-square-foot price in Brooklyn this year
December 26, 2014 08:44AM

RedSky Capital bought two development sites in Williamsburg for $40 million.

At $3,200 and $2,500 per buildable square foot, it’s the highest price per square foot in Brooklyn this year, according to Crain’s. The firm, which has been active in the neighborhood, purchased 184-186 Bedford Avenue and 204-206 Bedford Avenue, according to the website, and will likely be redeveloped into multi-floor retail properties.

Acccording to Massey Knakal Real Estate’s Brendan Maddigan, the next highest price per buildable square foot for a Brooklyn development site  is Thor Equities’ purchase of 130 North 6th Street, also in Williamsburg. Thor paid $21.5 million, or $885 per buildable square foot, in August.

Peter Levitan of Lee & Associates NYC was the buyer’s exclusive broker.

“These two sales are an order of magnitude higher than the highest price per buildable square foot ever in Brooklyn,” Maddigan told Crain’s. [Crain’s] Claire Moses