Yesterday, we noted the sale of Red Hook's iconic Revere Sugar Factory. The reported sale price, $40.5 million, was far below the $75 million asking price. Why the discount? A Curbed correspondent has a theory:
Apparently (as told to me by a friend of that retired cop that owns half of red hook) that land was bought by one of the hasidic developing cabals a few years back, and the land was deemed contaminated?like $20Mil to clean up contaminated. So they've had such a hard time selling it because of that. As I recall, they paid like $10 mil for it or something (years ago). So then the numbers make sense that the buyers know what it will cost to clean it up, and factored that into the final sale price. My details are sketchy, but not as sketchy as the property. You guys do know there's wild dogs living in there now, right?
Wild dogs! My god, people. Save the wild dogs!
· Red Hook's Abandoned Sugar Factory Sells [Curbed]