1550 Bedford Avenue

Avison Young has been engaged as exclusive agent to manage the bankruptcy auction for 1550 Bedford Avenue, a prime hotel/commercial development site in Crown Heights, Brooklyn. The bankruptcy sale process provides several distinct advantages to prospective purchasers which include a streamlined, transparent acquisition process, as well as the clarity of acquiring the site with clean title.

The Property is a 19,200 square foot (“sf”) vacant lot with 192 feet of frontage along Bedford Avenue and 100 feet of frontage along Eastern Parkway. Situated in the heart of Crown Heights, Brooklyn, this site represents a rare hotel/commercial development opportunity. 1550 Bedford Ave benefits from C8-2 zoning designation, allowing for a variety of creative commercial uses. The location provides a high degree of visibility by virtue of its frontage along Eastern Parkway, a well trafficked vehicular and pedestrian throughway. The site has been approved for hotel development and is grandfathered in, providing a rare advantage in New York City due to the increasing difficulty of obtaining new special permits for hotel use. The Property is advantageously positioned in a vibrant neighborhood with growing demand for high-quality hospitality options. The Property has been fully excavated and is improved by a completed foundation which will lessen total construction costs required for either completion or a redesign of the original building plan.