Williamsburg Salvation Army Property Sells for $30 Million

WILLIAMSBURG, BROOKLYN — When the Salvation Army outpost at 180 Bedford Ave. closed in 2012, after more than 40 years in business, there were hopes in the community that a new-and-improved salvo would replace it. Instead, the building was demolished — and this Friday, Thor Equities purchased the property for $30 million.

The prime address, located directly across the street from the L train's Bedford Avenue station, will soon be home to a two-story, 14,500-square-foot retail building designed by Fradkin & McAlpin Architects.

The developer plans to construct a 2,500-square-foot rooftop terrace. The basement, ground floor and second floor will measure 4,000 square feet each.

The multimillion dollar price tag shouldn't come as a surprise: Cpex Real Estate's 2016 Brooklyn Retail Report listed North Williamsburg's Bedford Avenue as the fifth priciest retail corridor in the U.S. (No. 1 was Rodeo Drive in Beverly Hills.)

Salvation Army originally asked $36 million for the property. The much lower $30 million closing price is likely, at least in part, a byproduct of the impending L train shutdown scheduled for 2019, which has sparked a firestorm of panic and uncertainty among local businesses and property owners.

Still, though, North Williamsburg continues to be a top destination for massive retail chains: Recent openings include Ralph Lauren on North 3rd Street; Levi’s, Scotch & Soda and G-Star RAW on North 4th Street; Dunkin Donuts, Whole Foods, Dr. Martens and an Apple store on Bedford Avenue; and a growing list of high-end hotels and restaurants.

Rendering courtesy of Thor Equities