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


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