Hearing held on Related’s Walmart site

There was a public hearing today regarding the sale of a 406,000-square-foot parcel in East New York, Brooklyn to the Related Companies, which plans to bring a Walmart to the site, Crain’s reported (note: clarification appended). Previous attempts to open Walmart in Staten Island and Queens have been rebuked by the retailer’s opponents, but having seen the success of similar businesses such as Target and Ikea, Walmart renewed its efforts to come to New York by opening discussions with Related. Related settled on the East New York parcel, and agreed to pay $35 million for the site, which was appraised at $30.5 million. But opponents, who prefer the unionized ShopRite to come to the site, argue that figure is too low because it fails to account for the new zoning laws that allow for 3.8 million square feet of commercial development. The Department of Housing Preservation and Development told Crain’s that by virtue of Related’s contract with the city, it can’t build more than 620,000 square feet on the lot. Local politicians have backed Walmart’s opposition, despite a company-sponsored poll that found 76 percent of borough residents are in favor of its entrance into the New York City market. [Crain’s]