April 25, 2018

$53M Gowanus site sold

News Recent Closings

Real Estate Weekly

Two Trees Management Company has closed on the purchase of a Gowanus site from Forest City Ratner for $53 million.

The four lots totaling 392,073 s/f at 118-136 2nd Avenue, 73 12th Street and 1 11th Street are net leased to Lowe’s and include two buildings and a parking lot.

TerraCRG’s Ofer Cohen, Dan Marks, and Daniel Lebor brokered the sale.

“While most of the Gowanus area is being slated for immediate redevelopment, this asset provides solid, long-term cash flow, while giving the purchaser a nice footprint in one of the last industrially-zoned enclaves in Brooklyn,” said Cohen.

Read more here.