Domain Companies buys ATS Realty’s Gowanus warehouse

Developer plans to build mixed-use development

Dec.December 15, 2017 04:30 PM

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.

Related Articles

Judge Janet DiFiore and Judge Rowan Wilson (Credit: iStock, New York State Courts)

High court decision has tenants stewing, landlords oohing

US Steel’s sprawling South Works site is about the size of Downtown Chicago. At left, Common, who wants to partner with developers on a mixed-use entertainment district there, and Dan McCaffery, whose vision for a 13,000-home community fizzled out. (Credit: Common by Paras Griffin/Getty Images; McCaffery via McCaffery Interests; aerial by Cushman & Wakefield)

South Works, the 415-acre “magnificent property,” is Chicago’s biggest development opportunity

Sharif El-Gamal (Photo by Desiree Navarro/WireImage)

WATCH: Developer Sharif El-Gamal has Covid-19. But he’s one of the lucky ones

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth

From left: Realogy's Ryan Schneider, Cushman & Wakefield's Brett White and Newmark Knight Frank's Barry Gosin (Credit: iStock)

Brokerage stocks plunge amid market turmoil

Mayor Bill de Blasio halted ULURP, stalling projects like 960 Franklin Avenue, Rikers Island and Industry City 

These projects could be held up by New York’s rezoning freeze