October 10, 2019 Comments (0) Views: 434 New York News, Outer Boroughs New York

Thor Trades BJ’s Wholesale Property in BK for $73M

Thor Equities Group closed on the sale of 1752 Shore Pkwy., leased to BJ’s Wholesale Club, for $73 million. The buyer wasn’t disclosed; city property records show that Algin Management bought the property in Brooklyn’s Gravesend section.

In 2005, Thor acquired the Shore Parkway site for $10 million, and broke ground in 2012 after signing a long-term lease with BJ’s, which occupies 136,000 square feet. The development also includes a three-level, 60,000-square-foot parking garage and waterfront esplanade open to the public.

“After purchasing the site in 2005 and breaking ground for BJ’s Wholesale Club in 2012, we felt the time was right to sell this desirable waterfront development on Brooklyn’s Shore Parkway,” said Joe Sitt, chairman and CEO of Thor.

Thor continues to develop properties around the globe, and recently announced plans to launch a global logistics platform and develop a last-mile warehouse in Brooklyn’s Red Hook neighborhood.

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