Alliance Private Capital Group has sold its vacant 23k SF lot at 206 Kent Ave in Williamsburg for $33M, almost double the $18M the Brooklyn-based company paid for the site in January 2014.
The site—slated to house an 18k SF Trader Joe’s—was sold to two entities, 206 Kent Investor (listed under the care of Jeffrey Zwick & Associates and managed by Yitzchok Hagar) and Kent3839 (under the care of Fink & Zelmanovitz), the Commercial Observer reports.
Alliance planned to build a 45k SF mixed-use property with ground-floor retail and office space and anchored by the Trader Joe’s. It’s not clear what will happen to the location in response to the deal. [CO]
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