On May 17th of this year we posted a blog on the popularity of residential real estate in the Brooklyn neighborhood of Bedford Stuyvesant with young home seekers and renters. As a result of this trend Commercial real estate in Bedford Stuyvesant has become very attractive to real estate investors and developers who want to accommodate newcomers to this neighborhood. Weissman Equities has just purchased 426 Bainbridge Street, a mixed use building where renovations will soon be under way. The retail mix for this Bainbridge Street property has not been decided yet. According to Shay Sellers of Weissman Equities, “they are excited about bringing retail amenities and upgraded rental units to Bed Stuy East. Retail on these blocks is basic, but the success of the Delhi Heights restaurant is encouraging.
For a bit of company news, Accord Real Estate Group is currently handling the marketing and sale of 449 Bainbridge Street, a wonderful 2 family, 20 foot wide Brownstone Townhouse packed with period details and in good condition. The asking price is $700,000. We are also pleased to mention that we are also currently handling the marketing and sale of 89 Ralph Avenue, a magnificent corner brick, 5,200 square foot mixed use building with 3 residential apartments, one store and three garages. The asking price is $700,000. Both the Bainbridge Street and Ralph Avenue properties are being offered as a package deal for $1.4M.
The Slave Theatre, an 11,600 square foot building located at 1215 Fulton Street, closed since 1998, has been purchased by Fulton Halsey Development Group for $2.1M. There had been an unsuccessful kickstarter website effort to collect money to have the theatre restored as a showplace for Brooklyn Artists. According to The Daily News, the developer may be planning to convert the building to luxury condos.
For more information regarding the properties for sale at 449 Bainbridge Street and 89 Ralph Avenue or if you are interested in selling your property in Brooklyn, please call or email us. You will be happy that you did.