247 Bedford Avenue (photo courtesy of CoStar)

The Bedford Avenue building that is situated between North 3rd and North 4th streets is part of "the Bedford portfolio" that sold for $66 million and is expected to be developed into 55,000 square feet of retail space, according to The Real Deal. 

Lee & Associates NYC are marketing the space and will be up for leasing in the next year. A partnership made up by Red Sky Capital and others bought the "Bedford portfolio" from The Backer Group in April.

Ben Bernstein, a principal of Red Sky Capital, would not comment on J Crew's deal.

That retail space is being marketed by Peter Braus of Lee & Associates NYC. He could not be reached for comment by press time.

Mr. Braus told The Real Deal that the retail space, which is expected to hit the market sometime in the next 18 months, has asking rents that range between $185 and $200 a square foot.

drosen@observer.com