Quantcast

Salvation Army lot sells for $36 million

Salvation Army lot sells for $36 million
Spendthrift store: The site of this former Salvation Army thrift store at the corner of Bedford Avenue and N. Seventh Street just sold for $36 million.

A Manhattan developer has purchased the former Salvation Army lot at the corner of Bedford Avenue and N. Seventh Street for a whopping $36 million.

Thor Equities, which is helmed by controversial real estate mogul Joe Sitt, plans to build a retail complex on the lot, said company spokesman Josh Greenwald, but no tenants are yet lined up.

“We are not at the point where we know who will go in here, but it will definitely be retail,” said Greenwald.

The new shopping complex will likely have a ground floor, second level, basement and roof, according to the company.

That lot had held a Salvation Army thrift store for decades. The organization tore the building down in 2012 and claimed at the time that it was going to rebuild. The site was subject to years of speculation, with some guessing that an Apple store would land there.

With enough buildable space to fill a quarter of a football field, the price per square foot comes out to about $2,500, which is high, but not as high as the price that Red Sky Capital paid for two other nearby lots on Bedford Avenue.

Thor owns several properties around Brooklyn, including the massive retail complex on Surf Avenue between Stillwell Avenue and W. 12th Street in Coney Island.

Reach reporter Danielle Furfaro at dfurfaro@cnglocal.com or by calling (718) 260–2511. Follow her at twitter.com/DanielleFurfaro.

More from Around New York