RedSky to Replace Bedford Buildings It Bought for $40 Million With Stores

Developer RedSky Capital plans to knock down the four buildings on Bedford for which it paid the record-breaking price of $40,000,000 and replace them with similarly sized buildings that will be retail-only. We suppose this marks the next evolutionary step in Bedford Avenue or Brooklyn real estate, since in most of the borough residential is the most profitable use for a site.

Renderings of the buildings planned to replace restaurant Tai Thai and clothing store PinkyOtto at 204-206 Bedford, above, and bar Spike Hill at 184-186 Bedford, next to Dunkin’ Donuts, after the jump, show identical facades with arch-topped windows in two bays, although a story in The Wall Street Journal said RedSky is entertaining several possible designs.

The developer plans to get anchor tenants on board before construction begins and is already talking to retailers. The site at 184-186 Bedford will be two stories with 9,600 square feet of store space “on three levels,” according to the Journal, so perhaps that includes the cellar. The site at 204-206 Bedford Avenue will also have three levels and 11,250 square feet of shops.

RedSky wants $400 a square foot for the street level spaces and $125 a square foot for the second floors. Further down Bedford at No. 247, where Apple has signed on as the anchor tenant, RedSky is also converting a mixed-use building to retail only.

Anyone want to bet on whether RedSky will scoop up the Salvation Army site across from Dunkin’ Donuts?

RedSky Investment Gives Retail a Lift [WSJ]
Developer Pays Three Times Record for Williamsburg Commercial Sites [Brownstoner]
Rendering above by Meshberg Group via Racked; rendering below via RedSky via Crain’s