Algin Management pays $73M to Thor Equities for big box store in Gravesend

Algin Management through the entity Lhl Shore Parkway, LLC paid Thor Equities’s Thor Shore Parkway Developers, LLC $73.0 million for 1752 Shore Parkway in Gravesend. The deal closed on September 25, 2019, and was recorded on October 1, 2019. The transaction consists of 1 parcel, including the tax class stand-alone big box retail with parking (K8).

Newmark Knight Frank’s Thomas Dobrowski represented Thor. The last time the property sold was November 18, 2005, when Thor bought it for $10 million.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on September 11, 2014.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1,129,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.