Developer Pays Record-Breaking $40 Million for Williamsburg Site, We Are All Doomed
Good morning! Did you need a reminder of how absolutely insane Williamsburg real estate has gotten? Well, we have a doozy for you. A developer called RedSky Capital just bought two buildings near the Bedford L Train stop (one of them has the Dunkin Donuts in it), and the site went for $40 million. Yes. That’s correct. $40,000,000. To put that in perspective: That’s THREE TIMES the next highest sale in Brooklyn in terms of price per buildable square foot ($3,200 per buildable square foot for one building and $2,500 per buildable square foot for the other), breaking a whole lot of Brooklyn real estate records. Good luck finding anywhere near the L train to live again.
“These two sale are an order of magnitude higher than the highest price per buildable square foot ever in Brooklyn,” Massey Knakal Real Estate’s Brendan Maddigan told Crain’s New York. He also mentioned that the buildings will be used entirely for retail, and that he’s already received offers from a number of tenants. The sites are at 184-186 and 204-206 Bedford Avenue, a.k.a, the future sites of Kate Spade and Barney’s Co-Op.
Not only did the sale break the record in Brooklyn, the site is also around double the highest sale in Manhattan for year. Get ready, Williamsburg, for a lot more mid-to high-end chain stores, because those are the only people who can afford that kind of rent.
