The Real Deal New York

RedSky to add all-retail buildings to Bedford Avenue

Brooklyn-based developer will not include a residential component at the two properties
February 23, 2015 08:35AM

RedSky Capital is building two new, all-retail buildings in Williamsburg.

The Brooklyn-based developer, led by Benjamin Bernstein and Benjamin Stokes, bought the two properties at 184-186 Bedford Avenue and 204-206 Bedford Avenue for $40 million, according to the Wall Street Journal. In total, the two buildings will have nearly 21,000 square feet of retail space, according to the newspaper.

The neighborhood has seen an uptick in demand from major national retailers such as Whole Foods, which has caused retail rents to rise, the newspaper reported.

Asking rents at RedSky’s Bedford Avenue buildings will be $400 per square foot on the ground floors and $125 a square foot for the second floor.

“Five years ago, you would decide to do retail on the ground floors and apartments upstairs,” Peter Levitan, principal of Lee & Associates NYC told the newspaper. “I think there is a lot of pent-up demand from before the recession for retailers to open stores in Williamsburg.” Levitan represented RedSky during the sale and is marketing the building, according to the Journal. [WSJ, 2nd] — Claire Moses