Friday, April 04, 2008

Bklink: Flip or Flop?

Developer Joe Sitt flip his Albee Square property because he wanted to make a killing or because he failed to find a way to develop it? "Sitt paid $25 million for the mall in 2001, floating plans to build a roughly 1 million-square-foot tower, but instead sold it last year to Acadia Realty Trust for $125 million after making relatively minor improvements. Chris Havens, who has long worked in the Downtown Brooklyn market, said Sitt actually tried to find investors and an anchor tenant for the tower but came up dry."--Brownstoner

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