The Real Deal New York

Domain Companies buys ATS Realty’s Gowanus warehouse

Developer plans to build mixed-use development
December 15, 2017 04:30PM

545 Sackett Street in Gowanus (Credit: TerraCRG)

UPDATED, 4:51 p.m., Dec. 15: Domain Companies isn’t waiting for the Gowanus rezoning to become official before devising plans for the neighborhood.

The firm has purchased a warehouse property at 545 Sackett Street from ATS Realty for $26.5 million, according to Crain’s. The site is one block from the Gowanus Canal and contains a roughly 42,000-square-foot vacant building.

The space is currently zoned for up to 80,000 square feet of manufacturing space, but Domain believes the pending Gowanus rezoning will allow it to build a bigger project on the land with retail space, commercial space and market-rate and affordable apartments.

Details of the rezoning have not been disclosed publicly yet, but community members have requested more affordable housing, and Domain co-founder Matthew Schwartz told Crain’s he thinks their idea fits in with that goal.

“They have focused on cleanup and affordable housing in a mixed-income context and layering in office and job-generating uses,” Schwartz said. “That’s perfect for us.”

The warehouse was previously used as fuel storage space for Brooklyn Union Gas Company, and the site requires environmental remediation due to its contaminated soil, which National Grid is responsible for.

Local Council member Brad Lander has expressed confidence that the Gowanus rezoning process will go smoothly. [Crain’s]Eddie Small

Correction: An earlier version of this misidentified the seller of 545 Sackett Street due to an error in the source material.