Revere Sugar Factory Sale Price Explained

Curbed posts a reader’s theory on why the Revere Sugar Factory sold at such a discount to its asking price:

Apparently (as told to me by a friend of that retired cop that owns half of red hook) that land was bought by one of the hasidic developing cabals a few years back, and the land was deemed contaminated—like $20Mil to clean up contaminated. So they’ve had such a hard time selling it because of that. As I recall, they paid like $10 mil for it or something (years ago). So then the numbers make sense that the buyers know what it will cost to clean it up, and factored that into the final sale price.

We have our own theory why it didn’t sell for $75 million: That’s a lot of loot, man!
Sugar Factory’s Wild Dog Discount [Curbed]