Gowanus Residential Development Opportunity

Overview

TerraCRG is pleased to exclusively represent ownership in the sale of 140 Second Street, a premier residential development opportunity located in Gowanus, Brooklyn. Situated on a quiet cul-de-sac between Bond Street and the Gowanus Canal, the property occupies a 59.08' × 100' lot totaling approximately 5,740 square feet. Zoned M1-4/R7-2 within the Special Gowanus Mixed-Use District, the site offers the ability to develop up to 28,698 zoning floor area (ZFA), inclusive of the 0.6 FAR commercial bonus available for Special Gowanus uses.

The property is currently improved with an existing 10,440-square-foot, 2-story commercial building, featuring ground-floor commercial/warehouse space and 2nd-floor loft space, which will be delivered vacant at closing. This provides an opportunity for a purchaser to redevelop the site to suit their own vision. There is conversion potential to develop for-sale housing as well as ground-up rental development.

Located just steps from the Gowanus Canal, the property is surrounded by major new construction and recently completed mixed-use developments resulting from the Gowanus rezoning, placing it at the center of the neighborhood's continued transformation. Gowanus has emerged as one of Brooklyn's premier mixed-use neighborhoods, where new residential development, creative office space, acclaimed restaurants, neighborhood retail, and public waterfront amenities have created one of the borough's most dynamic urban environments. While Gowanus has established its own distinct identity, its location between Carroll Gardens and Park Slope further enhances its appeal. Carroll Gardens has recently been named Brooklyn's most expensive residential neighborhood, underscoring the strength of the surrounding market and the area's long-term investment potential. With convenient access to the F, G, and R subway lines, as well as Downtown Brooklyn and Manhattan, 140 Second Street benefits from exceptional connectivity and strong long-term neighborhood fundamentals.