Correction 12/13/2023: An earlier version of this story ran used language implying that a closure of Trader Joe’s was imminent. We have since updated it.
There’s something so natural about the pairing of Williamsburg and Trader Joe’s, two things very much associated with “millennial” culture. But that partnership might be facing trouble.
The parcel of land that houses the Williamsburg location is headed to auction, according to reporting from TheRealDeal.
The property’s owner, Isaac Hager, is facing foreclosure on the parcel of land at 200 Kent Avenue, currently anchored by Trader Joe’s (a Spirit Halloween recently set up shop temporarily, but 200 Kent is under-occupied, according to the outlet).
G4 Capital, the property’s lender, “provided a $84 million loan to Hager’s Cornell Realty Management in 2020 to finish the five-story mixed-use property. The lender told TheRealDeal that “the debt has grown to $140.5 million.”
The Williamsburg location only opened in December 2021. Last year, workers attempted to unionize, although the union did not end up getting enough votes in a National Labor Relations Board election.
An auction date is set for January 23, 2024. Maybe stock up on that cookie butter and cauliflower gnocchi while you can.
That building looks awfully small to have cost so much, unless the photo is only showing a portion pf the property…..
poorly written headline – TJs is not being foreclosed the building is
That’s literally what it says in the headline.