After battling out Joe Tabak to acquire a bankrupt Williamsburg development, Cayre family’s Midtown Equities closed on the property and will bring a Whole Foods to the site.
According to the New York Post, a partnership of Michael Cayre’s Midtown Equities, Bobby Cayre’s Aurora Capital and Alex Adjmi bought 242 Bedford Avenue, at North 4th Street, from Yahuda Backer for $23 million.
The group plans a $40 million, 150,000-square-foot development, which would include luxury rental apartments, a 15,000-square-foot New York Sports Club and the aforementioned Whole Foods. The Post said the retail options will rejuvenate North 4th Street, especially compared to the pair of businesses originally slated for the site, a Marshall’s and a CVS.
Whole Foods, which was rumored in the summer to be taking space on nearby Kent Street, will have a 9,000-square-foot entrance and 21,000 square feet underground. The ground floor asking rents are $150 per square foot.