Overview

TerraCRG has been retained to exclusively represent ownership in the sale of 550 Union Street – a 13,000 BSF development site located in the rapidly growing Gowanus neighborhood of Brooklyn.

The offering presents the opportunity for a mixed-use residential development with M1-4/R6A (G) in place zoning. The existing 4,552 SF industrial buildings also present the option for a conversion or redevelopment.

The 40 ft x 90 ft site is located between Nevins Street and Third Avenue surrounded by several sizeable development projects that are in the pipeline, under construction and recently completed. 550 Union Street is just one block from the R train at the Union Street/4th Avenue subway stop. The 2, 3, 4, 5, B, D, N, Q, R, W and LIRR trains are about a half mile from the property at Atlantic Terminal.

Due in large part to the area wide rezoning in 2021, Gowanus has seen a redevelopment revolution and has been transformed from an industrial neighborhood to one of New York City’s most desirable hubs for residential, office, retail, and the arts.