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Former Williamsburg Salvation Army Site Finally Sells, for $36M

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Though the broker for 176-180 Bedford Avenue, the former site of a now-demolished Salvation Army in Williamsburg, claimed to have received "five to six offers a week for the property and over the last three years," it still took a rather long time to sell. Now, though, The Real Deal is reporting that Thor Equities, led by developer Joe Sitt, is in contract to buy the prime development site for $36.1 million, which comes out to a substantial $2,500 per buildable square foot. The money will go toward Salvation Army's adult rehabilitation centers.
· Joe Sitt's Thor pays $36M for Williamsburg development site [TRD]
· 176-180 Bedford Avenue coverage [Curbed]