School Construction Authority spends $28M on BK supermarket site

Agency had been looking to take over the site via eminent domain

New York /
Jun.June 28, 2018 11:45 AM

4525 8th Avenue in Brooklyn (Credit: Google Maps)

The city is planning to build a new school on a former C Town in Sunset Park.

The New York City School Construction Authority has purchased the supermarket site at 4525 8th Avenue for $28 million, according to property records. The agency purchased it from 4509 Eighth LLC, which is controlled by investor Wei (Ricky) Guo.

Last year, the SCA was looking into taking over the property through eminent domain, according to DNAinfo. The owners had originally planned to build a mixed-use project with condominiums and a supermarket on the site, but the city wanted to use the space for two new elementary schools for students in pre-K through fifth grade.

Representatives from the SCA did not immediately respond to requests for comment.

Michael Rikon, an attorney representing the investors behind the LLC, said they were very happy with the price they received, despite some initial reluctance to give up the property. They had purchased the site in 2015 for $15.8 million.

“The School Authority really came up to what I was asking on behalf of the client,” Rikon said. “It was very close to what I asked for.”

The SCA filed the ninth largest project in New York in January at 1-35 57th Avenue in Queens, where the agency is planning a school spanning 75,093 square feet.


Related Articles

arrow_forward_ios
Jared Kushner and 666 Fifth Avenue (Getty, David Shankbone, CC BY 2.5 - via Wikimedia Commons)
Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale
Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale
Council member Pierina Ana Sanchez and RSA’s Joseph Strasburg (Getty; Twitter)
Citing Bronx fire, Council pushes building violation crackdown
Citing Bronx fire, Council pushes building violation crackdown
SB Development’s Joseph Stern and Northwind’s Ran Eliasaf with rendering of Nova (LinkedIn, NOVA)
SB Development, Hazelton Capital score $62M loan for LIC condo tower
SB Development, Hazelton Capital score $62M loan for LIC condo tower
Illustration of Mayor Eric Adams (Getty; Illustration by Kevin Rebong for The Real Deal)
Oh, rats! Eric Adams contests summons for infestation
Oh, rats! Eric Adams contests summons for infestation
Brookfield's Bruce Flatt with 1100 Newark Turnpike (Loopnet, Brookfield)
Brookfield buys CSX industrial site in Northern New Jersey for $67M
Brookfield buys CSX industrial site in Northern New Jersey for $67M
198 Scholes Street, 65 Kent Avenue, 506 DeKalb Avenue and 11 Gunther Place (Illustration by the Real Deal with Getty, Google Maps)
Avi Philipson deal to acquire All Year portfolio is back on
Avi Philipson deal to acquire All Year portfolio is back on
From left: McSam Hotel Group's Sam Chang and SL Green's Marc Holliday with 711 Seventh Avenue  (Getty, Google Mpas, SL Green)
Times Square hotel developer sues neighbors over delayed demolition
Times Square hotel developer sues neighbors over delayed demolition
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
arrow_forward_ios

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

Loading...