Hudson Companies buys 975 Nostrand Ave project site for $41M

Developer plans to keep supermarket, build mixed-income housing

New York /
Sep.September 01, 2021 10:15 AM
975 Nostrand Avenue in Brooklyn and Hudson Companies president David Kramer (Google Maps, Hudson Companies)

975 Nostrand Avenue in Brooklyn and Hudson Companies president David Kramer (Google Maps, Hudson Companies)

A new developer has emerged at 975 Nostrand Avenue in Crown Heights, where controversy plagued the previous owner’s plan to remove a neighborhood staple.

Hudson Companies purchased the Brooklyn development site from Midwood Investment & Development for $41.5 million, the Commercial Observer reported. The developer is aiming to build a mixed-income housing on the site while allowing the Associated supermarket to stay for at least 15 years.

Associated is expected to take 21,000 square feet of the development, almost a third of the 59,633-square-foot lot. The rest will be apartments, retail and a community space, according to the publication.

Associated opened its supermarket over three decades ago. Midwood Investment, which has owned the building since 1970, recently announced plans to redevelop the site for mixed-use housing and retail, and reportedly gave the supermarket 30 days to vacate.

Before that could happen, protests and petitions sought to save the grocery, and Midwood sued Associated’s owner. In July, the two sides reached an agreement, with Associated signing a 15-year lease, which Hudson plans to honor.

Hudson has several Brooklyn projects in the works. Last month, the company landed a $210 million condo inventory loan at 1 Clinton Street, the tallest condo tower in Brooklyn Heights. The building is a 38-story, 134-unit tower with a projected sellout of around $475 million.

[CO] — Holden Walter-Warner





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