Because we absolutely would prefer a Zara or Banana Republic showroom in Williamsburg! From Crain’s:
In a harbinger of major change in the area near the L-train stop in the heart of Williamsburg, two prime Bedford Avenue development sites recently hit the market there. The first site at 184-186 Bedford Ave. between North Sixth and North Seventh streets is home to bar and live-music venue Spike Hill Music. It carries an asking price of $19.5 million. Meanwhile, just a block south at 204-206 Bedford Ave.—in a site that a Thai restaurant, a deli and a women’s clothing store call home—a “For Sale” sign has also appeared. There the asking price comes to a tidy $23 million.
Both properties sit a block from the Bedford stop on the L train. Due to their unusually wide frontage on Williamsburg’s main shopping drag, both carry the potential for a developer to tear down the buildings and rebuilt with a focus on retail.
“This is a pretty unique opportunity,” said Mark Lively of Massey Knakal, who is marketing the site with colleague Brendan Maddigan. “With this kind of frontage, you can attract a wider variety of retailers.”
Most shops along the main shopping strip have 25-foot frontages along the avenue. But the first site has a 40-foot frontage, while the second extends for 50 feet along the avenue. In addition, the footprint of both lots are well over 3,000 square feet, a key metric for attracting bigger retailers or banks.
The asking prices on both sites translates to about $3,000 per buildable square foot, which relates to not only retail rents that have nearly tripled since 2008 to around $300 per square foot, but also the relative scarcity of development sites in the area. The bidding period is set to end Aug. 26.
In other news, the Domino sign is about to be torn down and Brooklyn Brewery was bought by Dave & Buster’s. (Well, that last thing isn’t true…. but just wait.)