Real Estate
$36M Sale of Future Williamsburg Shopping Hub Reportedly Stalled
Thor Equities has yet to complete its purchase, announced last year, of a Salvation Army property in Williamsburg.
Pictured: A rendering of the planned shopping hub at 180 Bedford Avenue. Image courtesy of Thor Equities
WILLIAMSBURG, BROOKLYN — The planned $36 million purchase of a former Salvation Army thrift store on Bedford Avenue, and its conversion into a giant shopping hub, has "hit a wall," according to real-estate news site The Real Deal.
The site reported Monday that Thor Equities and the Salvation Army have deadlocked over the sale of the building, located at 180 Bowery Avenue. The impeding purchase and redevelopment project was revealed by The Real Deal in April 2015.
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According to Thor’s website, the company plans to turn the property into a 14,500-square-foot retail location “located at the busiest corner in central Williamsburg, which is poised to become Brooklyn’s premier shopping destination.”
The Real Deal speculated that the stall could be connected to the likely shutdown of the L Train for repairs.
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On its website, Thor highlighted the fact that “9.9 million” passengers use the L stop at Bedford Avenue and 7th Street each year.
Neither the Salvation Army nor Thor could immediately be reached for comment Monday afternoon.
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