We know you'll be shocked to hear this, but an insider at Trader Joe's says the Brooklyn site's landlords, Two Trees, are going to clean up on the deal. "The building, a former bank, is officially the property of Two Trees Management. As reported in the New York Observer, Trader Joe's signed a lease for 14,500 square feet in the building. Retail space like that can go for more than $100 per square foot for the year. Deep Joanna did the math: 'Therefore potentially within five years Two Trees Management will have 130 Court Street paid off in full. Afterwards, it's just pure profit for them.'" This is all assuming that within the next five years the current economic crisis hasn't brought about some sort of zombie apocalypse, of course. [OTBKB]
For more stories from Racked, go to racked.com.