Site of Planned W’burg Trader Joe’s Trades Hands for $33M
Liam La Guerre Aug. 12, 2016, noon
Brooklyn-based Alliance Private Capital Group has sold its vacant Williamsburg plot at 206 Kent Avenue—where a Trader Joe’s is slated to open—for nearly double the price the company paid for it just two years ago, according to property records published today.
The developer sold the roughly 22,600-square-foot site for $33 million to two entities, 206 Kent Investor and Kent 3839, city records indicate. Alliance Private Capital purchased the site in January 2014 for $18 million.
The seller planned to build a 45,000-square-foot mixed-use building on the property with ground-floor retail and office space, according to Crain’s New York Business, which also reported that California-based Trader Joe’s had signed an 18,000-square-foot lease to anchor the development. It was not immediately clear what will become of the Trade Joe’s, as a spokeswoman for the company has not immediately responded to a request for comment.
Alliance Private Capital did not return immediately return requests for comment on the deal. Yitzchok Hagar was identified in city records as a manager of one of the purchasing LLCs, 206 Kent Investor. Hagar couldn’t not be reached for comment.