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.
Two Trees declined to comment to GlobeSt.com on the acquisition of these properties.
In other Brooklyn activities, Two Trees is donating $50,000 to St. Nicks Alliance Workforce Development's Skilled Build training program. The money will sponsor up to 40 graduates of the program who will then help Two Trees construct the second residential building on the Domino Sugar Factory grounds at 260 Kent Ave.
St. Nicks and Two Trees launched the job training program in 2016 to provide local residents specialized construction trade skills and work opportunities. Two Trees previously hired 31 Skilled Build graduates to work on 325 Kent Ave., the first building at the Domino Sugar Factory, which was completed last year. As part of the program, the students earn OSHA flagger, scaffolding training, FDNY F-60 Fire Guard certification and 80-hour National Center for Construction Education & Research credentials.
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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.
