NEW YORK CITY— Brooklyn developer Two Trees Management is acquiring two substantial properties with expansive lots in Gowanus, Brooklyn. Two Trees is buying for $65 million the 70,000 square-foot former Pathmark store, with its 100,000 square-foot parking lot from Hamilton Plaza Associates, located at 1-37 12th St., reported in Crain's New York Business and The Real Deal.
The publications also noted Two Trees purchased a long-term ground lease of an adjacent nine acres at 118 Second Ave., on which a Lowe's Home Improvement store and its extensive parking lot are located. Lowe's will continue to operate at this location as its lease expires in 2023. Crain's wrote that several sources with knowledge of the transactions price the purchase of both properties at over $100 million.
Both lots are within an Industrial Business Zone. This suggests Two Trees is expanding beyond developing residential and commercial office properties, for which it is well known in Brooklyn.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
