May 24, 2018

Two Trees completes Gowanus assemblage with $62M deal

Two Trees Management has closed on part two of its $115 million Gowanus assemblage.

The company purchased 1-37 12th Street for $62 million, according to TerraCRG,  which brokered the sale. The site includes a former Pathmark store, and it is right next to the roughly 400,000-square-foot Lowe’s site at 118 Second Avenue that Two Trees closed on in April for $53 million.  The assemblage spans almost 15 acres and about 1.25 million buildable square feet overall.

A TerraCRG team led by Dan Marks, Ofer Cohen and Daniel Lebor brokered both deals. Forest City Ratner sold the Lowe’s site, and Team Slope LLC — a joint venture between Meral Property Group and Joyland Group — sold the Pathmark site.

Read more here.