Joe Sitt, Thor Equities sell Bond St. Garage

November 30, 2012 Linda Collins The Daily Eagle
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Thor Equities and its principal Joseph Sitt are selling the Bond Street Garage in Downtown Brooklyn. 

First reported by The Real Deal, it was confirmed for the Eagle by Stefan Friedman, a spokesperson for Thor, on Tuesday and by Massey Knakal Realty Services, which has the new listing on its website.

Massey Knakal is accepting bids on the site through Wednesday, Dec. 5, according to the listing, which identifies Robert Knakal, chairman, as heading the marketing team of Stephen Palmese, Jonathan Hageman, Winfield Clifford and Matthew Abreu.

The 239,485-square-foot structure at 300 Livingston St./49 Bond St. includes the five-story 224,849-square-foot public parking garage plus 14,636 square feet of retail stores.

As a potential development site, however, the blockthrough property could accommodate a more than 500,000-square-foot project under the current C6-4 zoning, which features an R10 equivalent, according to the Massey Knakal listing.

“A developer could build approximately 500,000 square feet as-of-right with the opportunity to increase the development by 20 percent to approximately 600,000 square feet through utilization of the inclusionary housing bonus,” the listing states.

As The Real Deal noted, this is possible due to the termination provisions in the leases of most of the complex’s tenants. The gross revenue from those leases totals $1.82 million annually.

Current tenants include the popular IHOP restaurant plus Subway, Papa John’s, Enterprise Rent-A-Car and a Greyhound office, among others.

“All of the tenants along Bond and Livingston as well as the current parking operator contain termination provisions within their leases, easing the process of vacating the structure for redevelopment,” the listing states.

A check of public records reveals that Thor acquired the site for $6 million in 2003 from the NYC Economic Development Corp., which selected the company to upgrade the city-owned structure, originally built in 1974.

Thor did modernize and refurbish the structure, adding additional lighting and new elevators, according to Department of Buildings.

“300 Livingston St. represents the largest development site currently available within the market,” Massey Knakal stated.

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