Brooklyn Lots, Warehouse Sell Well Above Asking Price

The property’s new owner is planning to replace the existing structure with a synagogue and either apartments or a hotel.

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.

Marcus & Millichap represented both parties in the transaction.

“The 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,” Jakub Nowak an associate broker at Marcus & Millichap’s Brooklyn office, told Commercial Property Executive. “The sale’s timing was driven by the seller’s motivation to make a move, not our recommendation on market timing.”

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…

Brooklyn Lots, Warehouse Sell Well Above Asking Price

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