NEW YORK CITY- Thor Equities Group has completed the sale of 1752 Shore Parkway in Gravesend, Brooklyn, for $73 million. The 136,000-square-foot site hosts a megastore and features a three-level, 60,000-square-foot parking garage and a public waterfront esplanade overlooking the Verrazano Bridge.
Thor welcomed BJ's Wholesale Club to the property in 2012, breaking ground to accommodate the big-box retailer who opened its doors to members in 2014, offering a variety of bulk products from groceries to furniture, jewelry and electronics.
In 2005, Thor purchased the Shore Parkway site for $10 million. After a more than ten-year hold, it was time to sell, according to Joe Sitt, chairman & CEO of Thor Equities.
"We felt the time was right to sell this desirable waterfront development on Brooklyn's Shore Parkway," Sitt said in a prepared statement.
Not far from Shore Parkway,Thor Equities Group plans to launch a global logistics platform focused exclusively on the logistics sector, and develop a last-mile warehouse at 280 Richards Street in Red Hook, Brooklyn, a project that is expected to break ground in early 2020 and open in 2021.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
