October 26, 2018

Investor Purchases Third Development Site in Gowanus

Crain's New York

The buyer of a Gowanus warehouse that will likely become a residential development after an upcoming rezoning of the neighborhood has purchased a nearby lot that could potentially add to the size of the project.

Late last year, the Domain Cos. purchased a vacant two-story warehouse at 545 Sackett St. for $26.5 million. It just closed on an empty parcel at 553 Sackett St. for $5.8 million.

The two properties are separated by a thin sliver of vacant land that is owned by another party. If Domain is able to acquire that site as well, it could assemble a nearly block-sized parcel that would allow it to build a large residential rental or condo project after the rezoning.

“We’re thrilled to grow alongside Gowanus,” Matt Schwartz, Domain’s co-CEO, said in a statement from the firm. “We take pride in creating mixed-use projects that further strengthen and support the surrounding neighborhood, and we know we can do that in Gowanus.”

Read more here.