9 noteworthy real estate projects in Gowanus

Kushner, Lightstone and PMG among developers working to change face of neighborhood

New York /
Aug.August 01, 2014 05:45 PM

The Gowanus Canal might be a superfund site, but developers and tenants are flocking to the neighborhood that bears the old industrial waterway’s name.

Indeed, a report this week in the Wall Street Journal noted that tech darling Genius will move into a sizable office space in the neighborhood. Meanwhile, a strip of retail and office space along 3rd Street west of Whole Foods is taking shape, and condos and rental projects are busily moving ahead on both sides of Bond Street.

To provide a big-picture view of what’s happening in Gowanus, The Real Deal rounded up some of the deals, developments and destinations changing the face of the neighborhood.

1. 66-80 3rd Street

Developer: LIVWRK

LIVWRK Holdings, led by Asher Abesera and Aaron Lemma, picked up the two 3rd Street industrial buildings with a combined scope of 80,000 square feet in November. The developer plans to put office tenants on the upper floors and retail shops on the first and second floors of the properties, which are located between Bond and Hoyt streets. Genius will lease nearly half of the office space.

2. 175-225 Third Street

Developers: Kushner Companies and LIVWRK

In June, The Real Deal reported that Kushner Companies and LIVWRK bought a block-long development site across the street from Whole Foods for between $70 million and $80 million. Zoning currently allows for a commercial mixed-use project up to 300,000 square feet, but a rezoning could allow for up to 1 million square feet of residential mixed-used space, a source told The Real Deal.

3. 529 Third Avenue

Developer: 304 LLC

A developer registered under an LLC is transforming this former industrial space at the corner of Third Avenue and 13th Street. The original plan called for 15,000 square feet of ground-level retail and 45,000 square feet of second and third floor office space. However, the developer is now considering inquiries from two schools, including a pre-kindergarten, according to Kalmon Dolgin broker Robert Klein. The developer purchased the interconnected buildings on the site for $7.3 million last September.

4. 363-365 Bond Street

Developer: Lightstone Group

Last year, the City Planning Commission approved Lightstone Group’s 700-unit development on the banks of the canal. The Bond Street residence is slated for completion next year, according to previous reports. Plans call for 2,955 square feet of public space.

5. 345 Carroll Street

Developer: Sterling Equities

The Department of Buildings approved the plan exam for Sterling Equities’ 30-unit condo building in the old Regency Carts building in June. The 53,475-square-foot, 4-floor development designed by GLUCK + Architects will sit between Bond and Hoyt streets. It faces the rear of a 100-unit Catholic Charities senior center.

6. 318 Nevins Street

Developer: Property Markets Group

PMG, known for building luxury developments, picked up the site located just north of Lightstone Group’s massive residential project for $14 million in January 2013. Currently, the developer is leasing the space short-term to a company that supplies food trucks and waiting to see what happens with the neighborhood and zoning, said Richard Lam, a principal at PMG. The company is employing the same strategy at 420-430 Carroll Street, currently home to a plumbing company, And 131 3rd Street, recently vacated by Statewide Fireproof Door Company.

7. 399 Third Avenue

Developer: Globiwest Hospitality

The hospitality company that tested the market for Boutique Accommodations On Fourth Avenue is building a new 58-room, six-story hotel a stone’s throw away at the corner of Third Avenue and 6th Street. Earlier this week, Globiwest sold its pioneering Fourth Avenue property, Hotel Le Bleu, for $10.25 million.

8. Royal Palms Shuffleboard Club

514 Union Street

Shuffleboard enthusiasts started shooting biscuits at the 17,000-square-foot former factory between Third Avenue and Nevins Street in February. In addition to sleek new courts, the venue features live music and a rotating cast of food trucks. Brokers say that since the weather broke, the club has been a big draw for the Park Slope set.

9. Ample Hills Creamery

305 Nevins Street

The purveyor of home-made and pasteurized-on-site ice cream opened its third location next door to the Royal Palms last month. The 3,600-square-foot parlor attracts long lines of residents eager to work their way through Ample Hills’ many flavors and relax on the rooftop patio.

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