Prime W’burg development site sells for $66M

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.

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“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