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Sweetheart deal for Bklyn mall?

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The city will allow the new long-term leaseholders of Downtown Brooklyn’s Albee Square Mall to buy the property after 25 years for $20 million, according to a document obtained by Metro. Thor Equities sold the lease for the property to Acadia Realty Trust and P/A Associates for $100 million in February. The joint venture intends to construct housing and retail on the site after razing the mall. After the 25-year lease expires, therefore, the developers will be able to purchase what is now city-owned property at a deep discount. “It’s a bad deal,” said a critic of the development plans. “This is city property, and our officials should be using the land to benefit the community.” more [Metro]

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