Thor Equities is poised to cash out of its investment in a Fulton Mall property for more than five times what the firm paid for it back in 2001, despite never having followed through on its promises to spiff up the place. (God knows what its return on equity is!). As part of the $125 million deal, the three-story mall (formerly known as the Albee Square Mall), will be torn down by the new consortium of owners; in its place will rise, according to Dan Doctoroff, “one of the tallest buildings in Downtown Brooklyn.” We’re talking almost 500,000 square feet of retail space, 125,000 square feet of Class A office space, and 1,000 rental apartments (with 20 percent set aside for tenants of moderate income). The project, known as the Center at Albee Square, has multiple government approvals to make it through, but is expected to benefit from $3.2 million in tax breaks that the Industrial Development Agency is voting on today.
Albee Square Mall to Triple in Size and Add a High-Rise [NY Times]
Photo from Forgotten NY