Brooklyn, NY Michael Alvandi’s City Urban Realty, landlord and developer, has closed on the $12 million purchase of a six story mixed-use building along Bedford Ave. in the Williamsburg neighborhood.
326 Bedford Ave. is located at the corner of South 2nd St. Totaling 26,000 s/f, the building has 32 apartments as well as ground-floor retail including Oslo Coffee Roasters.
Positioned between two major subway lines, the property will continue to thrive following the pending closure of the L-train for Sandy-related repairs as commuters will migrate south from northern Williamsburg to be closer to the J, M, Z subway line helping spur further growth in the surrounding area.
City Urban Realty, founded by Michael Alvandi in 2010, is a diversified real estate investment company involved in the investment, ownership and management of commercial and multifamily properties.