The Gowanus Union Portfolio

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of two development assemblages in the heart of Gowanus, Brooklyn. The properties are being offered for sale for the first time in over 40 years, as they are advantageously positioned within the Gowanus Proposed Rezoning area. The new proposed framework, announced by city planning earlier this year, would enable the robust growth of a true mixed use neighborhood, including housing, commercial and industrial uses as well the activation of ground floor space and creation of public spaces. The proposed city planning framework calls for zoning change from a M1-2 district to R7A, R6A and M1-3 for the subject properties. Once approved, the two sites combined will allow for the development of a total of approx. 233,000 ZFA: Over the past few years, Gowanus has been transformed from an industrial neighborhood into a hub for residential, office, retail and the arts. The Gowanus Proposed Rezoning will transform the neighborhood into a vastly mixed-use area. The frameworks vision and goals include strengthening existing clusters of light industrial and commercial activity and promote new, job-generating uses, including industrial, arts and cultural uses; encouraging and reinforcing a vibrant, live-work neighborhood by balancing preservation of neighborhood scale and encouragement of growth; and promoting the creation of an active, accessible, resilient and diverse waterfront esplanade that celebrates the unique nature of the Gowanus Canal.