Based upon two recent closings, it seems all but certain that Virginia-based Avalon Bay is in the process of purchasing a large cluster of properties at the corner of Bridge and Willoughby Streets in Downtown Brooklyn from Al Laboz's United Land that could result in the construction of an 800,000-square-foot building. The deal first caught our attention in November when the two parties closed on the transfer of 381 Bridge Street for $5,125,000. Now, public records show that Avalon purchased another two parcels from United Land in December: 379 Bridge Street (aka 88 Willoughby) for $6,283,000 and 387 Bridge Street for $11,639,000; the two properties come with total buildable square feet of 36,000 and 72,000, respectively.
United Land Unloading Bridge Street Site to Avalon? [Brownstoner] GMAP
Photo by Scott Bintner for Property Shark
Avalon Buys More Bridge Street Props from United Land
Copyright Brown - Brownstoner