The Real Deal New York

Domain Companies buys another Gowanus development site

Property at 420 Carroll Street spans about 65,000 sf
February 15, 2018 09:00AM

Domain Companies is doubling down on Gowanus ahead of the neighborhood’s likely rezoning.

The company has purchased 420 Carroll Street for $47.5 million from Property Markets Group, according to Crain’s. The site houses an approximately 65,000-square-foot industrial building, which is occupied by a plumbing and sewer company. The property is currently zoned to accommodate roughly 130,000 square feet of commercial development.

Domain purchased a nearby site at 545 Sackett Street in December for $26.5 million, and at the time, company principal Matthew Schwartz said the firm believed the upcoming rezoning would allow them to build a larger project at the address.

Local City Councilman Brad Lander has said he expects the rezoning process for Gowanus to move forward smoothly. [Crain’s]Eddie Small