Key Food on Washington and Lincoln has sold, residential building and grocery store in the works

I can only imagine how many times Trader Joe's is approached a month with similar offers.

Hundreds?

Note, this ad lists the site as For Sale, as was updated 2/13/2017.

So, this deal might not be done.

http://www.loopnet.com/Listing/19927081/805-Washington-Avenue-Brooklyn-NY/

They are flipping the contract. I heard the ask is 20 mil. They paid 9mil.

Nice work if you can get it!

@iamahmadrabah -

Am I correct in my assumption that thIs not the Othman family flipping the contract, its the entity that contracted with them?

If "yes", it seems the Othaman Family radically underpriced the contract.

Above I wrote:  "He has had numerous lawyers read the contracts to ensure that he and all of the family members understand what will (and will not) happen." 

It's not the family, they are not players at this point.

Above, the buyer of the air rights (basically all of the rights that will allow the residential that will go in above the first floor), was Levi Balkany of Happy Living Development.  

He has lots of experience.

https://www.google.com/#q="levi+balkany"+developer&*

They prob will "flip" the contract 10 times. This way when the building is done the developer will get the ground floor and the key food fam will have to fight in count for what belongs to them. Time and money.........
They will lose!

Selling buildings is not the same as selling milk.

In a sign that may mean the process is moving forward, The Islands has been reportedly told to vacate their space by April 15th.

Demolition permit now granted:

http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=1&passjobnumber=321520387&passdocnumber=01

799 Washington

801 Washington

803 Washington

805 Washington

Owner is listed as Levi Balkany

Grocery store is closing by month's end. 

Agreed. They told me May 1 when I was in there the other day.

Rachel has been told same: https://www.dnainfo.com/new-york/20170411/crown-heights/key-food-closing-demolition-washington-avenue-supermarket-grocery

The Islands is now closed: 

Here's an interview with the owners  http://brokelyn.com/washington-aves-the-islands-has-closed/

The end is near.   50% off sale now in effect.

Closed.

The utilities to the building were shut off this week. So, it wouldn't surprise me if the metal scrappers arrived next week for the refrigeration equipment and the ACs on the roof. Vacant lot by July 31?

For those wondering about Ludwig's (aka Good Nature Pharmacy) , the small drug store that was on the right side of the strip. They are staying in the neighborhood. The new location is on Washington, down around Prospect Place. It across the street from Gino's Pizza, next to a liquor store, but it's not open yet. Richie and Shawn have stated they would be open in a couple of weeks. I believe it use its "Good Nature Pharmacy" name.

rumor has it: 30 months to complete new structure, which will offer a single two-level retail space (14,000 sqft grocery store?) at $60,000/month

Demolition and excavation can be done in bad weather. So it would not surprise me if they waited until late fall to demolish the structure, excavated and then started pouring the foundation in the early Spring.

sidewalk sheds went up today, which I hope signals that the building will come down soon or that things are moving along in some capacity.

Permits issued for entire job/work on 6/27/2017, so it seems they are wasting no time. http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=4&passjobnumber=321520387&passdocnumber=01

Workers were really busy last week. Interior demolition is complete and the roof is now being removed. The family that ran Key Food was marveling at all of the progress yesterday.

Today, they broke out the brick around the steel beams. A crane will might remove them as early as next week. We could have a vacant lot by Mid August.

Steel beams now gone. Only the exterior walls remain and these can be knocked into the center of the structure very quickly. Storefront is now completely open. Only masonry remains.

Right side, where the vegetables were Left, where the frozen food was: