When we checked in at 176 Bedford Avenue — the incredibly valuable prime piece of real estate on the corner of North 7th Street in Williamsburg where the Salvation Army has been rebuilding its thrift shop for three years — earlier this month, workers were still constructing the foundation and plans filed with the building department for a new two-story store had not changed.
Now the New York Observer’s Commercial Observer reports the charity has decided to sell the site after all and is near to signing a deal. The Salvation Army has been receiving “five to six offers a week for the property,” said a Salvation Army officer. It has been mulling over “the best and highest use for the site” for three years.
When the store closed in January 2012, the Salvation Army said it would reopen the new store by about July 2013. “Proceeds from the sale will benefit Salvation Army’s adult rehabilitation centers,” he told the Observer. Sanchez Bodden Lerner is the agent for the property.
So expect to see the biggest possible building here after all by 2018. Rentals could make sense here because the corner is so busy and smaller units will maximize the medium size site, but the market has been turning to condos lately so who knows.
Anyone care to speculate how much the property is worth?
Salvation Army Nears Deal to Sell Bedford Avenue Site [NYO]
Salvation Army Coverage [Brownstoner]