Hudson Companies has shelled out $41.5 million to purchase a Crown Heights property which is slated for a controversial redevelopment, reports Commercial Observer.
The site, located at 975 Nostrand Avenue, was sold by Midwood Investment & Development, which had sought to raze a longtime supermarket to make way for mixed-income housing. The company recently inked a deal with the supermarket Associated, which in July signed a deal to stay on the property for another 15 years.
That agreement came just five months after Midwood had announced plans to redevelop the property, and unceremoniously gave the supermarket a 30-day vacate notice in February, according to The City. Under the new agreement, Associated will reopen in a 21,000-square-foot space at the ground-floor of the new building. That follows an acrimonious few months in which Midwood sued the owner of the supermarket and neighbors rallied to prevent its eviction.
Precise details for the proposed project have not been released.
- Crown Heights (Urbanize LA)