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April 16, 2007
Sale of Albee Square Mall Could Mean Big Changes
The Brooklyn Daily Eagle
By Dennis Holt
Last week we linked to news of a Forest City alumnus who is in some hot water for political contributions in San Francisco.
This week, a local Forest City Ratner alum is heading a team in the purchase of the Albee Square Mall (emphasis added):
Although no official statement has yet been made, it clearly appears that Thor Equities, owned by Joseph Sitt, has finally sold its very coveted property in Downtown Brooklyn to a new development team.
One of the principals is Paul Travis, who was an officer with Forest City Ratner when developer Bruce Ratner first came to Brooklyn to build One Pierrepont Plaza and then MetroTech.
The site is the former Albee Square Mall at the eastern end of the Fulton Mall, where the biggest store is Toys ‘R’ Us and which has had three different names (including the Gallery at MetroTech) in the past 15 years.
Families United for Racial and Economic Equality (FUREE), a group which has also been fighting to save historic homes on Duffield Street from eminent domain condemnation, opposes the sale:
A group called Families United for Racial and Economic Equality (FUREE) has said it will testify at hearings held by the city’s Industrial Development Agency in Manhattan and also will hold several anti-Wal-Mart street rallies.
The group is also protesting the potential shutdown of the current mall, which has many popular small-business tenants.
Posted by lumi at April 16, 2007 8:49 AM