A block through development site at 1525 Bedford Avenue, located between Lincoln Place and Eastern Parkway in Brooklyn’s Crown Heights neighborhood, was sold in an all-cash transaction valued at $32,500,000.

Avanath Capital Management, an Irvine, Calif.-based investment firm that specializes in low-income housing, and Brooklyn’s Oak Tree Management has closed on a second affordable housing portfolio in Kings County.

It's been several years now that Bushwick has supplanted Willamsburg as the up-and-coming artsy New York neighborhood. Like those in SoHo and the Lower East Side in previous decades, prices in Williamsburg jumped during the last decade as a wave of new developments replaced its older industrial buildings, pushing many residents east into Bushwick.

The Broad and Boerum Building at 525 Broadway, located on the northeast corner of Boerum St. and Broadway in Brooklyn's Williamsburg neighborhood, was sold in an all cash transaction valued at $32.8 million. 

Despite four $1B deals, properties sold this year have gone for an average of $455/SF, down from $469 last year, Massey Knakal chairman Bob Knakal said yesterday. That's because investors are climbing up the risk ladder, which leads to Northern Manhattan and Brooklyn and to development sites. 

For a younger generation of New York City residents, Brooklyn has been embraced as the place to be: the uber-cool, super-trendy borough. For them, it’s the place they want to live, work and play in.

As far as the city’s commercial real estate community?