City sells parking garage to Thor.

New York City Economic Development Corporation (EDC) President Andrew M. Alper announced the sale of the City-owned parking garage located on Bond Street between Livingston and Schermerhorn Streets in Downtown Brooklyn to Thor DT Brooklyn Parking LLC.

The sale price was $6 million and the developer plans to invest another $3 million to renovate the building. Thor DT Brooklyn, an affiliate of Thor Equities, agreed to upgrade the 4.5-level parking garage and renovate ground-floor retail space.

The parking garage will be upgraded and will preserve its existing 606 parking spaces.

The redevelopment proposal also has the potential to increase parking capacity by using a valet system or stackers. There is also a possibility of constructing additional parking levels if there is sufficient demand.

Other renovations include expanding the retail space out to the column line of the structure, which will add approximately 4,000 square feet to the building's current 14,000 square feet of retail.

"The renovation of the ground floor retail space will add desirable quality retail space to the neighborhood. In addition, extending the retail space to the column line of the structure will greatly enhance the streetscape environment of the Livingston Street corridor," said EDC President Alper."

The parking garage, operated by Capital Parking, will continue to operate throughout the renovations.

The retail space is currently vacant, with the exception of 5,000 square feel occupied by a Salvation Army Drop-In Center, which will remain at the site on a month-to-month basis.