New York, NY – Global real estate advisor Avison Young brokered the sale of a 38,500 buildable -square-foot development site located at 1550 Bedford Avenue in the Crown Heights neighborhood of Brooklyn, New York for $10.1 million to Avery Hall Investments. Avison Young’s Brooklyn Investment Sales team facilitated the transaction through a 363-bankruptcy sale on behalf of 1550 Bedford Ave LLC and its lender, Downtown Capital Partners.

Avison Young Principals Charles Kingsley and Erik Edeen; Directors Patrick Madigan and Fritz Richter; Associate Director Joe Moran and Senior Associate Miles Davis-Bosch represented all parties involved in the disposition. Brian Ezra and Avi Fisher led efforts on behalf of Avery Hall.

“This site’s location in the heart of Crown Heights, a vibrant neighborhood with growing demand for high-quality hospitality options, makes this a rare opportunity for a hotel or commercial development to thrive,” said Madigan. “We’re pleased to have successfully navigated this complex transaction to kickstart the next era for this unique development site.”

The site has C8-2 zoning designation, which allows for a variety of creative commercial uses and has already been approved for hotel development as one possible option, providing a unique advantage due to the increasing difficulty of obtaining new special permits for hotel use in New York City. Its location provides a high degree of visibility by virtue of its frontage along the well trafficked vehicular and pedestrian throughway of Eastern Parkway and is a prime location for a variety of potential uses. .

“Avison Young led a sophisticated campaign in the 363 process,” said Gary Katz, Managing Partner of Downtown Capital Partners. “We were impressed by the level of professionalism the team brought to a challenging and complex assignment, the outcome of which proved beneficial to all parties involved.”

Brooklyn’s development market proved stable in the second quarter of the year with total dollar volume rising to $221 million, up 151% from Q1, according to Avison Young’s Q2 Brooklyn Property Sales report.