NEW YORK CITY- Thor Equities Group has completed the sale of 1752 Shore Parkway in Gravesend, Brooklyn, for $73 million. The 136,000-square-foot site hosts a megastore and features a three-level, 60,000-square-foot parking garage and a public waterfront esplanade overlooking the Verrazano Bridge.

Thor welcomed BJ's Wholesale Club to the property in 2012, breaking ground to accommodate the big-box retailer who opened its doors to members in 2014, offering a variety of bulk products from groceries to furniture, jewelry and electronics.

In 2005, Thor purchased the Shore Parkway site for $10 million. After a more than ten-year hold, it was time to sell, according to Joe Sitt, chairman & CEO of Thor Equities.

"We felt the time was right to sell this desirable waterfront development on Brooklyn's Shore Parkway," Sitt said in a prepared statement.

Not far from Shore Parkway,Thor Equities Group plans to launch a global logistics platform focused exclusively on the logistics sector, and develop a last-mile warehouse at 280 Richards Street in Red Hook, Brooklyn, a project that is expected to break ground in early 2020 and open in 2021.

Instant Insights /

Thor Equities Sells Brooklyn Waterfront Site For $73M

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