January 28th, 2015
With limited development sites on the market, the developers at Adam America have turned to a gas station and car wash for their next project. The real estate investment and development firm has locked down the deal for its next project, according to Crain's New York. The company has several residential projects in Brooklyn that are either underway or completed, such as the recently opened 500 Sterling Place, a 77-unit property just a few blocks away.
The company has acquired 1525 Bedford Avenue, which sits in a prime location on the corner of Eastern Parkway and Bedford Avenue. The property is a block from the 2,3,4,5 trains and just a few blocks east of the Brooklyn Museum and Prospect Park. The company payed a reported $32.5 million for the site. The project is expected to cost over $100 million.