Joe Sitt among developers pushing to bring big-box stores to Brooklyn

New York /
Jun.June 06, 2011 12:53 PM

Already home to a shopping center featuring Best Buy, Toys R Us and Kohl’s, Brooklyn’s southeastern waterfront could get two more big-box retail centers if developers get their way, the Wall Street Journal reported. Joe Sitt’s Thor Equities is seeking approval for a $150 million project to build a 200,000-square-foot shopping center and 2.4-acre public waterfront on a pier near Gravesend Bay. Sitt has already secured a tentative 20-year lease with BJ’s Wholesale Club to anchor the site. Adjacent to that waterfront is a 4.5 acre plot of land owned by the Cropsey Family, which is soliciting developers to extend the site into the water and bring in big-box stores. There’s also a separate 15-acre plot near Four Sparrow March in Mill Basin, Brooklyn, where developers want to bring in a car dealership and retail center, that’s under environmental review but could run into delays because of a connection to the Carl Kruger corruption case.

As with Walmart’s longstanding push to expand into New York City, the arrival of big-box retailers is causing controversy among Brooklyn residents concerned with the health of local businesses and increased traffic. But with the economy still in a recovery phase, the retailers’ promises to generate more jobs have helped gain traction among city officials and developers. Geoffrey Bailey, a broker at commercial firm TerraCRG which is marketing the Cropsey Family site, told the Journal that the success of the Ikea in Red Hook has proven the viability of big retailers on Brooklyn’s waterfront. [WSJ]


Related Articles

arrow_forward_ios
(Getty, iStock)
McDonald’s to shutter hundreds of Walmart outposts
McDonald’s to shutter hundreds of Walmart outposts
Jeff Bezos of Amazon, Joe Sitt of Thor Equities and an aerial of the Red Hook site. (Getty, Thor, Google Maps)
Thor Equities nabs financing for Amazon warehouse in Red Hook
Thor Equities nabs financing for Amazon warehouse in Red Hook
(iStock)
Walmart’s plan to ship packages quicker: robot-staffed mini-warehouses
Walmart’s plan to ship packages quicker: robot-staffed mini-warehouses
Joe Sitt and Charles Scribner’s Sons Building in Midtown (Thor, Google Maps)
Thor’s $150M loan on 597 Fifth heads to special servicing
Thor’s $150M loan on 597 Fifth heads to special servicing
The Scribner Building at at 597 Fifth Avenue and Joe Sitt of Thor Equities (Wikipedia Commons)
Thor delinquent on $105M loan at 597 Fifth
Thor delinquent on $105M loan at 597 Fifth
Amazon's Jeff Bezos, Thor Equities' Joseph Sitt, and 280 Richards Street (Photos via Getty; Thor Equities)
Amazon inks deal for 312K-sf at Thor’s Red Hook warehouse
Amazon inks deal for 312K-sf at Thor’s Red Hook warehouse
Stefano Ricci, Joe Sitt and 118-120 Northeast 39th Street (Getty, Thor, Google Maps)
Thor Equities sues to evict Stefano Ricci from Miami Design District
Thor Equities sues to evict Stefano Ricci from Miami Design District
SL Green CEO Marc Holliday, 590 Fifth Avenue and Thor Equities CEO Joseph Sitt (Holliday via Grant Lamos IV/Getty Images; Google Maps)
SL Green moves to foreclose on Thor’s 590 Fifth Ave
SL Green moves to foreclose on Thor’s 590 Fifth Ave
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...