A popular Williamsburg music venue closed to make way for a massive real estate deal.
The building that Spike Hill inhabited until last month was sold ahead of a $40-million sale of two buildings on Bedford Avenue between N. Fifth and N. Seventh streets, steps from the Bedford L station. A realtor said the properties, where buildings currently range in height from one to four stories, were worth every penny.
“Being on Bedford Avenue, the most trafficked block of Brooklyn’s hottest neighborhood, these two developments are the epitome of trophy assets,” said Peter Levitan, the agent who represented buyer RedSky Capital.
RedSky, which has amassed a hefty portfolio of Brooklyn buildings over the past couple of years, purchased 184-186 Bedford Ave., which Spike Hill shared with a dry cleaner, for $20.68 million. It also purchased 204-206 Bedford Avenue, home to Tai Thai restarant, the clothing boutique Pinkyotto, and Bedford Magazine and Smoke, for $19 million.
The developer plans to replace the mixed-use buildings with two-story structures devoted entirely to retail.
“The building of so much residential is causing the demand for retail to be huge,” said Brendan Maddigan, who represented the sellers in the sale. “In a climate where retail is so valuable, it makes sense to have more retail,” said Maddigan.