The Nostrand Avenue development site that includes an Associated Supermarket whose future was fought for by neighbors has been sold to Hudson Companies for $41.5 million.
The development company, which bought the site from Midwood Investment & Development, promised to uphold Midwood’s recent deal with Associated, which will allow the supermarket to operate on the property for another 15 years, Commercial Observer reports.
Midwood came under fire earlier this year when it refused to renew Associate’s lease — after the supermarket had been in the location for 30 years – so the company could start work on a new residential development with ground floor commercial space.
However, neighbors came together to rally behind Associated owner Pablo Espinal and fight the eviction, pushing Midwood into extending Espinal’s lease for another 15 years.
Now Hudson Companies will be responsible for the mixed-income housing development on the 59,633-square-foot lot, and preserving the supermarket as part of the new development, which it pledged to do.
Hudson Company President David Kramer said the company’s thoughtful development would serve multiple needs in the community, and it looked forward to “delivering an excellent project to our neighbors in the Crown Heights and Prospect Lefferts Gardens communities.”
“As long-time believers in this neighborhood, we’re excited for the opportunity to create much-needed housing, while supporting the preservation of a valued neighborhood business,” he said.
Midwood President John Usdan said in a statement to Commercial Observer: “Over the last 50 years we have remained a committed member of the Crown Heights community and are proud to have worked with Hudson, a developer who shares our commitment, to ensure that this site continues to play a vital role for the neighborhood.”
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