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278 BEDFORD


278 Bedford Avenue: Peter Von Der Ahe

Tel: (212) 430-5114 pvonderahe@mmreis.com

Shaun Riney

Tel: (718) 475-4369 sriney@ipausa.com

Michael Salvatico

Tel: (718) 475-4358 michael.salvatico@mmreis.com

Matthew Steinberg

Tel: (718) 475-4396 matthew.steinberg@mmreis.com

Andrew Dansker | Financing Inquiries Tel: (212) 430-5168 adansker@marcusmillichap.com

$4,750,000 LISTING METRICS

5,472’ TOTAL BSF

35.33’

BEDFORD FRONTAGE

83.33’

N O R T H 1 ST F R O N T A G E

R6B

ZONING

$6,630

PROJECTED TAXES

2,793’

LOT SF


INVESTMENT HIGHLIGHTS •

Vacant Corner Lot on Northside Bedford Avenue

5,472 Buildable SF As of Right | Zoned R6B with potential C2-4 overlay

Property currently registered as a commercial building

35.33’ of Frontage on Bedford Avenue

83.33’ of Frontage on N 1st facing North to Bedford Avenue

Sales comps with full retail overlays on Bedford Avenue are consistently trading above $2,000 per buildable SF including a comparable site that recently sold for over 4,000 per buildable SF.

Two blocks from Apple, Whole Foods, and a host of other International Brands

Retail leases are consistently being signed above $200 PSF in the area with many approaching or above $300 PSF while residential leases are surpassing $70 PSF

Space NK, an international cosmetic company, just signed a lease for $400 PSF annually at 229 Bedford Avenue.

The development of the Domino Sugar Factory to the southwest of the site will increase foot traffic and overall value of the site.

OFFERING MEMORANDUM


278 Bedford Avenue_

PROPERTY DESCRIPTION CITY:

Brooklyni

STATE:

NYi

BLOCK & LOT:

2380 / 20i

LOT DIMENSIONS:

35.33' x 83.33'i

LOT SF:

2,793i

ZONING:

R6Bi

MAX FAR:

2.00i

AVAILABLE AIR RIGHTS:

5,586i

LANDMARK DISTRICT:

Nonei

HISTORIC DISTRICT:

Nonei

ANNUAL TAX BILL:

__$6,630i

TAX CLASS:

Peter Von Der Ahe Tel: (212) 430-5114

4i

Shaun Riney Tel: (718) 475-4369

Michael Salvatico Tel: (718) 475-4358

Matthew Steinberg Tel: (718) 475-4396

Financing Inquiries:

Andrew Dansker Tel: (212) 430-5168


Wythe Hotel

The William Vale Hotel

Northside Piers

Austin Nichols House

Nitehawk Cinema

Domino Sugar Factory Development

Flank Development

428 Kent Avenue

Elliot Spitzer’s

Williamsberry

278 Bedford Avenue


278 Bedford Avenue_

EXTERIORS

Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney Tel: (718) 475-4369

Michael Salvatico Tel: (718) 475-4358

Matthew Steinberg Tel: (718) 475-4396

Financing Inquiries:

Andrew Dansker Tel: (212) 430-5168


278 Bedford Avenue_

EXTERIORS

Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney Tel: (718) 475-4369

Michael Salvatico Tel: (718) 475-4358

Matthew Steinberg Tel: (718) 475-4396

Financing Inquiries:

Andrew Dansker Tel: (212) 430-5168


PROPERTY DESCRIPTION | PROPERTY PHOTOS

276-278 Bedford Avenue


R E C E N T C O M PA R A B L E S

184-186 Bedford Avenue Sale Price $20,675,000

Total Buildable SF 6,394 SF

Sale Date December 23, 2014

Price Per Buildable SF $3,233

This property consisted of 6,400 buildable SF. The sale price equates $3,233 per buildable SF. The properties will be knocked down and developed into a new existing two story structure. The buyer projects rents of up to or over $400 PSF for retail.

176 Bedford Avenue Sale Price $30,000,000

Buildable SF 7,199 SF

Sale Date October 13, 2016

Price Per Buildable SF

$4,167

The property was sold with an in-place foundation. The sale equates to $4,167 per buildable SF which is a record price for all of Brooklyn.

203 Bedford Avenue Sale Price $7,200,000

Square Feet 3,150

Sale Date August 4, 2016

Price Per Square Foot $2,286

Buyers are planning a retail redevelopment.

210 Bedford Avenue Sale Price $6,750,000

Cap Rate 3.98 %

Sale Date August 4, 2015

GRM 22.90

Square Feet 2,510

Units 3

Price Per Square Foot $2,689

Price Per Unit $2,250,000

Vacant luxury apartment over retail unit which was paying $18,392/ month ($251/SF).


SIMILAR DEVELOPMENT PROJECTS IN WILLIAMSBURG

1 8 0 B E D F O R D AV E N U E

1 2 4 - 1 3 8 N O R T H 6 TH S T R E E T

Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney Tel: (718) 475-4369

Michael Salvatico Tel: (718) 475-4358

Matthew Steinberg Tel: (718) 475-4396

Financing Inquiries:

Andrew Dansker Tel: (212) 430-5168


Peter Von Der Ahe Tel: (212) 430-5114

Shaun Riney

Tel: (718) 475-4369

Michael Salvatico Tel: (718) 475-4358

Matthew Steinberg Tel: (718) 475-4396

Financing Andrew Dansker Inquiries: Tel: (212) 430-5168

www.newyorkmultifamily.com 212 430 5114

276-278 Bedford Avenue  
276-278 Bedford Avenue