Developer Pays Three Times Record for Williamsburg Commercial Sites

RedSky Capital set a record when it paid triple the highest sale price ever per buildable square foot for two retail properties on Bedford Avenue close to the L train. The firm bought 184-186 and 204-206 Bedford Avenue for about $40,000,000, reported Crain’s.

The sale, which closed recently, worked out to be about $3,200 per buildable square foot and $2,500 per buildable square foot for each property. It’s also “double the highest sale in Manhattan for the year,” said the story.

The firm is likely to add floors to the existing buildings, which are wider than average at more than 40 feet. The building at 184 Bedford is right at the corner of North 7th and houses Dunkin’ Donuts. Above, 204 Bedford Avenue in 2012.

Williamsburg Site Closes for Record Sum in 2014 [Crain’s]
Photo by Christopher Bride for PropertyShark