PMG picks up Gowanus site for $14M

New York /
Jan.January 10, 2013 10:30 AM

Property Markets Group, a developer known for luxury residential buildings, has picked up a Gowanus warehouse in a $14 million deal, DNAinfo reported. The real estate group purchased the 25,000 square-foot building at 318 Nevins Street last month, but a new luxury development isn’t set to rise on the site as of yet. The firm plans to lease out the site for the time being, PMG’s Richard Lam, said.

“Right now we don’t have any plans [for the building],” Lam said. “We just look for opportunities to invest and reposition properties.”

Currently, the building has been a hub for Verizon field technicians since 1977, but a Verizon spokesman said, they will soon relocate to A Facility On Third Avenue And 3rd Street.

The 1960s structure sits on a 100,000 square-foot lot between Union and Carroll streets along the polluted Gowanus Canal Superfund site. The warehouse is also just across the canal from where the Lightstone Group has plans to develop a 700-unit apartment complex.

PMG has worked in the neighborhood before, partnering with Michael Stern’s JDS Development to build a 51-unit rental building at 202 8th Street. PMG also owns a building on Carroll Street next to the Gowanus Canal that currently houses a plumbing company, Lam told DNAinfo. [DNAinfo]Christopher Cameron


Related Articles

arrow_forward_ios
A rendering of the project at 1 Park Row in the Financial District.
L.A.-based lender puts FiDi project into construction with $120M loan
L.A.-based lender puts FiDi project into construction with $120M loan
Hartz Mountain Industries CEO Leonard Stern and 235 Pinelawn Road (Google Maps, Hartz Mountain)
Warehouse developer accused of violating “Long Island First” policy
Warehouse developer accused of violating “Long Island First” policy
President Joe Biden (Getty, iStock)
What Joe Biden’s infrastructure plan holds for real estate
What Joe Biden’s infrastructure plan holds for real estate
Fundrise Co-Founder Benjamin Miller. (LinkedIn via Miller, Vimeo via Fundrise)
Fundrise scores Goldman backing to expand single-family rental market
Fundrise scores Goldman backing to expand single-family rental market
Parkway Hospital in Forest Hills, Top Rock Holdings' Uri Mermelstein, Joseph Yushuvayev and SYU Properties' Josif Elishayev (Google Maps, LinkedIn, Getty)
Parkway Hospital’s redevelopment plan has a pulse
Parkway Hospital’s redevelopment plan has a pulse
JDS Development's Michael Stern and 613 Baltic Street (JDS, VOA Architecture)
Michael Stern-owned condo project files for Chapter 11 bankruptcy
Michael Stern-owned condo project files for Chapter 11 bankruptcy
1305 Third Avenue and 1307-1309 Third Avenue (Google Maps)
3 UES buildings are slated for demolition
3 UES buildings are slated for demolition
Images of the Gateway Program and Pete Buttigieg (Photos via GDC, Getty, iStock)
Gateway tunnel lurches ahead with federal approval
Gateway tunnel lurches ahead with federal approval
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...