Just what may become of one of Williamsburg's busiest corners is uncertain as the [developer looking to buy the site and the Salvation Army have come to a standstill. The Real Deal reports that Thor Equities and the Salvation Army are locking horns over the contract for the site at the corner of Bedford Avenue and North 7th Street, where once the nonprofit slung used t-shirts and Velcros to Bedford Avenue roamers. The $36 million deal went into contract in April, but has yet to close due to an impasse over unspecified terms in the contract.
Joe Sitt's Thor Equities has planned a two-story, 14,500-square-foot retail building for the corner that will reportedly have retails rents of around $450 per square foot which, as TRD notes, is expensive even for the highest-priced retail strip in Brooklyn. On Bedford Avenue between Grand and North 12th streets, retail asking rents average $347 per square foot. Thor has neither closed on the property nor filed plans for the site.