Two Trees Closes on Trader Joe’s Site in Brooklyn

The building that will house the new Brooklyn Trader Joe’s is officially the property of Two Trees Management.

The DUMBO-based real estate company recently closed on the old Sovereign Bank building at 130 Court Street for $6.5 million, according to city records.

The Observer broke the news of the borough’s first outpost of the wildly popular grocery store at this location back in July. According to sources with knowledge of the deal, the chain signed a lease for 14,500 square feet in the building. A neighborhood broker told The Observer that retail space can go for upwards of $100 per square foot for the year.