The Real Deal New York

Gowanus site hits market for first time in over 4 decades

545 Sackett St. could become office building, creative space

July 22, 2015 05:40PM
By Claire Moses

545 Sackett Street in Gowanus and Ofer Cohen

545 Sackett Street in Gowanus and Ofer Cohen

A 42,000-square-foot warehouse in Gowanus is hitting the market for the first time in more than four decades.

Property records indicate that the warehouse, located at 545 Sackett Street between Nevins and Third Avenue, belongs to Glenn Schattner, president of Adams Books. The seller is looking to fetch between $23 million and $27 million, according to TerraCRG’s Dan Marks, who is marketing the property along with colleagues Ofer Cohen, Melissa Warren, Peter Matheos, Mike Hernandez and David Algarin.

The site could work as an office building, a development with a retail component or a creative space, Marks said. Office rents in Gowanus are typically between $35 and $45 per square foot, according to TerraCRG data.

Office-sharing company recently signed a lease for 42,000 square feet in a newly-rehabilitated industrial building at nearby 92 Third Street. That building, at just over 80,000 square feet, sold in late 2013 for about $20 million.

Brooklyn Council member Brad Lander has been pushing for a rezoning of the entire area in hopes of redeveloping parcels surrounding the Gowanus Canal. The timeline of the rezoning, however, remains unclear.

Supermarket chain Whole Foods opened its first Brooklyn location in the area in 2013. Multiple residential developments are also sprouting up nearby, such as Lightstone’s 700-unit residential complex at 363 and 365 Bond Street. Jared Kushner’s Kushner Companies, in partnership with Asher Abehsera’s LIVWRK and SL Green Realty, went into contract last year to buy a block-long development site at 175-225 Third Street, as The Real Deal first reported.