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Red Hook's Abandoned Sugar Factory Sells

Last week, Brownstoner scored a hot scoop: Red Hook's long-shuttered Revere Sugar Factory—situated on the waterfront at 280 Richards Street between the Beard Street Pier and the Ikea site—reportedly has sold for $40.5 million, after sitting on the market for months at $75 million. The reputed purchaser, Thor Equities, is known for its mall development work (including the redevelopment of the Albee Square Mall in downtown Brooklyn and its designs on Coney Island), but Brooklyn Papers suggests the developer may have residential visions for the space.

Last time we walked this stretch of Red Hook waterfront (from whence springs the photo above), we struck up conversation with a man gazing at the Sugar Factory cone. Turned out he'd worked at the plant back in the day. He told us that it shut down by new owners several decades ago for upgrades, then never reopened. His bitterness was palpable. Here's hoping for a happier future for the site.
· Thor Equities Drops $40m for Sugar Factory [Brownstoner]
· Red Hook Sugar Factory is Sold [Brooklyn Papers, PDF]