Wednesday, February 07, 2007

Thor Sells The Gallery at Albee Square

Whatever is built on the site of The Gallery mall on Fulton Street at Albee Square, developer Joe Sitt and Thor Equities won't have anything to do with it. Crain's reported late yesterday that Thor is selling its lease for $125 million to Acadia Realty Trust and P/A Associates. Thor acquired the mall in 2001 for $25 million. Last year, the developer floated proposals for a 60-story building with 500,000 square feet of retail on the site (rendering of which is to the right), but there have been frequent reports that Thor was looking to "flip" the property at a big profit. The city owns the land underneath the mall, which means it gets a cut of the transaction and has to approve any new development on the site. The property is zone for a development of up to 1.4 million square feet.

Wal-Mart is said to be very interested in opening a store on the site and there is, in fact, an anti-Wal-Mart on Albee Square protest scheduled on February 8.

Related Post:
As Wal-Mart Keeps Thinking About Albee Square, Protests Mount

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