Sale of City Owned Property for Will Allow Developer to Create 114,000 Square Foot Auto Mall, With Dealership and Repair Center
Project Will Create 80 Construction Jobs and New Permanent Jobs While Maintaining Parking for Nearby Toys “R” Us And Access to the Waterfront
New York, NY – April 9, 2013 – (RealEstateRama) — New York City Economic Development Corporation (NYCEDC) today announced the sale of a 110,000 square foot parcel of underutilized, City owned property in the Mill Basin neighborhood of Brooklyn to Bical Development, Inc. The developer will construct a 114,000 square foot building and a separate 4,000 square foot building at the site, located next to an existing Toys “R” Us store at 2875 Flatbush Avenue. The new buildings will be used to house Kristal Auto Mall, which includes an automobile dealership, repair center, inventory storage area and related office space. Currently located in Canarsie, Kristal Auto Mall will move their operations to Mill Basin as part of this transaction, creating approximately 80 construction jobs while maintaining and ultimately expanding their current workforce. Owned by Sammy Bical, a Guyana native, Kristal Auto Mall is the largest minority-owned car dealership in New York City, and will further expand upon moving into its new location. The purchase of the site will generate new tax revenue and also result in a private investment of over $30 million constructing the new facility. Construction is expected to begin by early fall.
“With the creation of a state-of-the-art auto mall on this underutilized site, the Mill Basin community will not only benefit from a $30 million dollar private investment, but also from eighty new construction jobs and an expansion of the permanent workforce,” said Seth. W. Pinsky, President of the New York City Economic Development Corporation. “I look forward to the opening of the Kristal Auto Mall, and the major boost to the local economy that it will bring.”
“Bravo to EDC led by President—and Brooklynite—Seth Pinsky, Councilman Lew Fidler and to Sammy Bical and Bical Development for their perseverance in ensuring that this project will further enhance the Flatbush Avenue gateway into southern Brooklyn,” said Brooklyn Borough President Marty Markowitz. “With the expansion of Kristal Auto Mall—the largest minority-owned car dealership in New York City—and Toys “R” Us, this development not only improves underutilized property but will also create employment opportunities for Brooklynites in a community where job creation is vital.”
“It took a long time to get it right, but in the end, we have saved jobs, created jobs, brought dollars in to the taxpayer and preserved our waterfront access. The end result was a win-win for everybody,” said Councilman Lew Fidler.
The site currently consists of a parking lot for the adjacent Toys “R” Us store. New parking spaces will be built to accommodate for spots lost in the development of Kristal Auto Mall’s new premises. Access to the marina, located behind the existing parking lot and Toys “R” Us, will be maintained also, as well as access easements allowing boaters to enter the marina. Additionally, NYCEDC announced the sale to Toys “R” Us of land they currently occupy for $13 million, providing additional revenue for the city while allowing Toys “R” Us to make improvements to their store and surrounding area. Sammy Bical, who owns both Bical Development, Inc. and Kristal Auto Mall, began his career in the automotive industry in 1978 as a service manager and became the owner of Kristal Auto Mall in 1992. Founded in 1982, Kristal Auto Mall is a car dealership and service provider of automobiles manufactured by General Motors. It is currently located on Kings Highway in Brooklyn.
About NYCEDC
New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.
