The Real Deal New York

Thor Equities to sell mammoth development site in Downtown Brooklyn

More than 500,000 square feet can be built on site acquired for $1 in 2003

November 19, 2012 11:00AM
By Katherine Clarke

Joseph Sitt and the Livingston Street complex

Joseph Sitt’s Thor Equities is selling a 600,000-square-foot mixed-use development site in Downtown Brooklyn. The block-through site, at 300 Livingston Street, is currently home to a five-story parking structure with ground-floor retail tenants. The property is being marketed by Massey Knakal Realty Services.

The parking facility could easily be cleared to pave the way for 500,000 square feet of development, thanks to termination provisions in the leases of most of the complex’s tenants. The gross revenue from those leases totals $1.82 million annually, Massey Knakal said.

The site runs the length of Bond Street, from Livingston to Schermerhorn Street. Zoning restrictions allow for 500,000 square feet to be built on the site but that number can be increased by 20 percent by making use of an inclusionary housing program.

Massey Knakal is accepting bids on the site until December 5, the brokerage said.

Public records show that Thor acquired the site for $6 million  in 2003 from the New York City Economic Development Corporation (correction appended), which selected the company to upgrade the city-owned structure. The garage, originally built in 1974, required modernization and refurbishment, including the installation of additional lighting and new elevators.

  • KaKaw

    What kind of deals are being made behind closed doors??? $1 even in 2003?? Upgrades at most cost $1M….

    Site will sell easily for 50M+ to Edison, Related or the likes.

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