Schubert of Massey Knakal brokers $4.2 million sale of 36,000 s/f building

Massey Knakal Realty Services has sold a corner mixed-use property at 1177-83 Bedford Ave. in for $4.2 million. The 100 ft. by 150 ft. property is located at the corner of Jefferson and Bedford Aves. It contains 36,000 s/f of commercial space and more than 5,000 s/f of retail space including a three-story funeral home on the corner. Additionally, there is a full basement for underground parking and two freight elevators. The property will be delivered vacant except for one 3-year retail lease. The property sold for $102.44 per s/f to Brooklyn developers. "This property is very unique and offers an exciting conversion opportunity for a group of developers who are bullish in the Bed-Stuy condo market," said Massey Knakal broker Peter Schubert, who exclusively represented the seller. "With 45,000 buildable s/f, this will most likely be converted to loft-style, mixed-use condominiums." Massey Knakal Realty Services was the sole broker.