NEW YORK CITY—Kushner Companies and LIVWRK are in contract to buy a block-long development site in Gowanus for $70 million to $80 million, according to the Real Deal.
The site, located at 175-225 Third St., allows for a commercial mixed-use project of up to 300,000 square feet but could eventually be rezoned for a residential mixed-use project of more than a million square feet, a source familiar with the off-market deal tells the Real Deal.
The three-acre development site offers about 600 feet of frontage and will allow for about 150,000 square feet of retail, the source reveals. The property is located across the street from the recently opened Whole Foods Market and is close to the Lightstone Group's 700-unit rental development at 363 Bond St.. The seller, listed in property records as 175 Third Street Associates, is a family that owned the property for more than 60 years, the source reports.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
