It’s been a long time coming and now it’s finally a done deal. The former Salvation Army thrift store at 176 Bedford Avenue — one of the most prime retail spots in Williamsburg, if not all of Brooklyn — has finally sold to developer Thor Equities, more than a year after buyer and seller struck a deal.
The sale price was $30 million, Thor told Brownstoner, $6 million less than it was rumored to be back in April 2015. The price may have dropped because of the impending L train shutdown and a lawsuit from MNS delayed the deal, according to the Real Deal. Now Thor can move ahead with developing the parcel, which has been a stalled construction site for several years.
The store, located at North 7th Street opposite the Bedford L train subway station, was demolished in 2013. A new-building permit was issued in July, so construction could move forward at any time.
Plans call for a building of two stories, all commercial, with a lower level and a roof terrace, said Thor.
Altogether there will be 14,500 feet of retail space, including 120 feet of wraparound frontage and the 2,500-square-foot roof terrace. (Previous plans were for a building of about half that size, or 7,200 square feet.)
Fradkin & McAlpin Architects will design. The 13-person firm was established in 2000 and has designed projects from Palm Beach to Putney, Vt., including the popular Brooklyn Brewery just a few blocks away. It was tapped by Salvation Army to create a new thrift store on this site, and renderings for that show a less glassy building of brick.
The property’s new address will be 180 Bedford Avenue. No tenants have signed on yet, a spokesman said.
The closing comes as Williamsburg continues its rise as one of the hottest spots for retail and residential development in all of Brooklyn. Brooklyn’s first Apple store, its second Whole Foods, Ralph Lauren, Levi’s, and the William Vale hotel all recently opened in the area.
“Bedford Avenue in Williamsburg is continuing to grow as a major retail destination, with new hotels and entertainment destinations attracting millions of visitors and locals alike to the area,” said Joseph Sitt, CEO of Thor Equities, in a prepared statement.
Rising property values have led the Salvation Army to close stores throughout the borough. Its Greenpoint store recently shuttered and is for sale. Its Clinton Hill store at 22 Quincy Street, designed by noted 19th-century architect Francis Kimball, is still open but is also for sale. The charity has no plans to leave Brooklyn, however, and opened a new store in Bed Stuy last year.
- Renderings Posted for Former Salvation Army Store Site on Bedford
- Thor Equities to Buy Prime ‘Burg Spot From Salvation Army for $36 Million
- Rising Property Values Lead Salvation Army to Close Third Brooklyn Store