Closed 10/17/2019

The Gowanus Union Portfolio

232 Third Avenue


Closed 10/17/2019 at
$55,000,000 | $236/BSF per SF

Potential ZFA 230,000+ ZFA
Cross Streets 3rd Avenue/Union Street
Opportunity Zone Yes
Total Lot SF 52,395 SF
Site A 154,329 ZFA
Site B 78,687 ZFA
B14, B17, B45, B46, B49, B65, B71
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Development 232 Third Avenue, Gowanus
Dan Marks
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Total Tax Lots 9
Frontage Along 4 Blocks
3rd Ave Frontage 190'
Union St Frontage 352'


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.


Gowanus has drawn a considerable amount of retail and entertainment attention. One of Whole Foods’ most profitable stores is located on 3rd Street and 3rd Avenue, spanning 52,000 SF and includes a beer garden and eco-friendly lot with solar panels and car-charging stations. Much of Gowanus is currently zoned for commercial-use only, which has spurred creative re-positionings of former warehouse and manufacturing buildings into innovative places like Kick-Axe, Dinosaur BBQ, Royal Palms Shuffle Board Club, Ample Hills Creamery, Brooklyn Boulders, The Bell House, 16 Court and more. Restaurants such as Littleneck, Fletcher’s BBQ, Runner & Stone and Four & Twenty Blackbirds are now anchoring the area:

Whole Food Super Market
Ample Hills Creamery
Pig Beach
Freek's Mill
Dinosaur BBQ
Royal Palms Shuffleboard
Brooklyn Boulders
South Brooklyn Crossfit
Court 16 Tennis
Gotham Archery
Brooklyn Fencing Center
Kick Axe Throwing

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