The last development sites at Checkpoint Charlie, the most famous border crossing between former East and West Berlin, are being sold after years of laying fallow, three people with knowledge of the deal said.
Trockland Management GmbH, a local developer agreed to buy loans on the two plots in the city center from Irish bad bank National Asset Management Agency, said the people, who asked not to be identified because the sale is private. Trockland will pay about 85 million euros ($95 million) and plans to build mostly homes, in addition to stores and a hotel, two of the people said.
A representative for Trockland declined to comment. A spokesman for NAMA didn’t immediately respond to a request for comment.
Checkpoint Charlie was a border crossing in West Berlin controlled by the western Allies -- the U.S., U.K., and France - - until the opening of the Berlin Wall. Since German reunification, the site has become a tourist attraction where hawkers in G.I. costumes charge for photos and souvenir shops sell fake Berlin Wall fragments. Tenants in the area include Starbucks Corp., a Michelin-starred restaurant, and a sausage museum.
The plots, one on either side of upscale shopping street Friedrichstrasse, have a total of 9,100 square meters (98,000 square feet), according to to BNP Paribas Real Estate, the broker that marketed the properties.
Dublin-based Cannon Kirk bought rights to develop the land in 2007, and during the financial crisis, Ireland’s bad bank National Asset Management Agency took over the debt, BNP said in September.
A spokeswoman for BNP declined to comment.
The area abuts two of Berlin’s most expensive neighborhoods: Mitte and Kreuzberg. Twenty-six years after the fall of the Berlin Wall, the little remaining wasteland that once separated East from West is still prized by investors because it’s centrally located.