Gowanus Canal in Brooklyn
BROOKLYN, NY – EcoRise Development LLC has sold three adjacent, single-story warehouses in the Gowanus neighborhood of Brooklyn to 473 President Street, LLC for $44 million. JLL represented both the buyer and seller for the properties situated in a qualified Opportunity Zone created by the 2017 Tax Cuts and Jobs Act.
"There was an incredible amount of interest and multiple competitive bids for this Gowanus asset, which ultimately sold for more than the asking price," said Brendan Maddigan, vice chairman at JLL, in a statement.
The three single-story commercial warehouses at 514 Union, 469 President Street and 473 President Street, total 51,155 square feet and sit on a 48,955-square-foot lot that allows for 97,910 buildable-square-feet of as-of-right commercial development. The assemblage is situated in zoning districts M1-3/R7A and M1-3/R6A, according to the New York City Department of City Planning.
The properties qualify for several tax incentives, including those afforded through Opportunity Zone legislation and the Brownfield Cleanup Program, an initiative granting tax credits for site preparation, remediation and hard development costs.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
