The three-lot assemblage is located one block from the Gowanus Canal in Brooklyn.
NEW YORK CITY—A three-lot development property assemblage in the Gowanus section of Brooklyn in a qualified opportunity zone has changed hands in a $22.5-million deal.
David Linn with the White Plains-based The Galinn Fund LLC has sold the parcels at 251 Douglass St. to New York City-based Tavros Capital Partners and the Charney Companies of Long Island City. The deal was announced by JLL Capital Markets.
The development opportunity at 251 Douglass St. is a three-lot assemblage that spans 18,500 square feet. The property includes an existing, vacant 5,000-square-foot brick structure. The site is directly across the street from Thomas Greene Playground and is just one block from the Gowanus Canal.
The three tax lots are located in a QOZ. Per the recently released New York City Department of City Planning Gowanus zoning proposal, 251 Douglass St. is situated within M1(3)/R6A and M1(4)/R7X zoning districts, which would allow for approximately 96,000 buildable square feet of new development, according to JLL.
JLL vice chairmen Stephen Palmese and Brendan Maddigan and managing directors Ethan Stanton, Winfield Clifford and Michael Mazzara oversaw the sale of the parcels.
"As a result of the proposed rezoning, there continues to be significant interest from developers and owners alike in capturing tomorrow's value, today," JLL Mazzara says. "The sale of these assets represents the transformation of Gowanus that will be realized in the future, happening now."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
