Thor Equities to Buy Prime 'Burg Spot From Salvation Army for $36 Million

Thor Equities has struck a deal with Salvation Army to buy its prime corner spot at 176 Bedford Avenue, the developer announced today. The price was not disclosed, but sources tell us it is $36,000,000.

The deal is in contract and has not yet closed. The intersection is perhaps the most heavily trafficked spot in red-hot Williamsburg. It sits over the Bedford Avenue L station.

The site could potentially support 14,400 square feet of “rentable” space, said a press release. It fronts North 7th and Bedford for 120 square feet.

“In addition to undergoing an extraordinary amount of residential and commercial development in recent years, Bedford Avenue in Williamsburg has become a major shopping and dining hub, with strong demand and limited availability of new, high-quality retail space,” Thor Equities Joseph Sitt said in a prepared statement.

Salvation Army closed its store a couple years ago, demolished the existing building, and started construction work at the site, pictured above. It said it planned to build a new store that would also be a Salvation Army, and had no plans to sell the property. Plans changed as prices in the area rose and global retailers such as Jcrew, Urban Outfitters, Dunkin’ Donuts and Starbucks moved in.

Apple and Whole Foods are building new stores a few blocks away on Bedford, as we have reported. The official address of the site may change to 180 Bedford, as that is the address Thor Equities used in its announcement.

176 Bedford Avenue Coverage [Brownstoner]