{"id":1004173447,"date":"2017-04-20T00:40:06","date_gmt":"2017-04-20T08:40:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004173447"},"modified":"2022-12-08T18:34:52","modified_gmt":"2022-12-09T02:34:52","slug":"brooklyn-lots-warehouse-sell-well-above-asking-price","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brooklyn-lots-warehouse-sell-well-above-asking-price\/","title":{"rendered":"Brooklyn Lots, Warehouse Sell Well Above Asking Price"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

Prezant Auto Glass has sold two vacant lots and a warehouse totaling 12,725 square feet at 814-826 Bedford Ave. in Brooklyn, N.Y., to a local private developer for $12 million.<\/p>\n

\"814-826<\/a>

814-826 Bedford Ave. in Brooklyn<\/p><\/div>\n

Marcus & Millichap represented both parties in the transaction.<\/p>\n

\u201cThe property is a strategically located corner development opportunity. Being one of the few sizable footprints yet to be developed in this submarket, it offers developers unique economies of scale,\u201d<\/em> Jakub Nowak an associate broker at Marcus & Millichap\u2019s Brooklyn office, told Commercial Property Executive<\/em>. \u201cThe sale\u2019s timing was driven by the seller\u2019s motivation to make a move, not our recommendation on market timing.\u201d<\/em><\/p>\n

The corner development site is situated by the Myrtle Avenue retail corridor, just a 10-minute walk from the Flushing Avenue and Myrtle-Willoughby Avenues G train subway stops. The property is also close to the Pratt Institute.<\/p>\n

\u201cThis part of Bedford Stuyvesant that is in high demand from both traditional developers and the nearby Hasidic community,\u201d <\/em>Nowak said. \u201cThe three lots are all zoned for mixed-use development. The buyer plans on developing a Synagogue with either apartments or a hotel above. They will be tearing down the existing structure.\u201d<\/em><\/p>\n

According to Nowak, once the properties went on sale, there were several rounds of competitive bidding and the Marcus & Millichap team was able to negotiate a completely non-contingent contract and a sale of $314-per-buildable-square-foot, representing $1 million above the original asking price.<\/p>\n

Jason Grunberg assisted on Nowak\u2019s team in the sale.<\/p>\n

\u201c814-826 Bedford Avenue was one of the largest sites remaining in an area that saw significant development over the past few years,\u201d <\/em>Grunberg said. \u201cThis dramatic transformation from an industrial stronghold to an emerging neighborhood has been driven by the substantial increase in property values and rents.\u201d \u00a0<\/em><\/p>\n

\u00a0Image courtesy of PropertyShark.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The property\u2019s new owner is planning to replace the existing structure with a synagogue and either apartments or a hotel.<\/p>\n","protected":false},"author":451,"featured_media":1004173450,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21808,21752,1600,21742,10],"tags":[34836,35084],"class_list":["post-1004173447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-featured","category-mixed-use","category-new-york","category-latest","category-northeast","tag-marcus-millichap","tag-prezant-auto-glass"],"acf":[],"yoast_head":"\nBrooklyn Lots, Warehouse Sell Well Above Asking Price - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/brooklyn-lots-warehouse-sell-well-above-asking-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brooklyn Lots, Warehouse Sell Well Above Asking Price\" \/>\n<meta property=\"og:description\" content=\"The property\u2019s new owner is planning to replace the existing structure with a synagogue and either apartments or a hotel.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/brooklyn-lots-warehouse-sell-well-above-asking-price\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-20T08:40:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:34:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/814-826-Bedford-Ave.-in-Brooklyn-New-York-City.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/brooklyn-lots-warehouse-sell-well-above-asking-price\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/brooklyn-lots-warehouse-sell-well-above-asking-price\/\",\"name\":\"Brooklyn Lots, Warehouse Sell Well Above Asking Price - 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