Two Trees closes on $53M leasehold purchase of Gowanus site

Company is still in contract on another portion of the site

TRD New York /
Apr.April 18, 2018 02:30 PM
 118 Second Avenue and Jed Walentas

118 Second Avenue and Jed Walentas

Two Trees Management has closed on the $53 million purchase of a leasehold for a Gowanus property that is currently home to a Lowe’s.

The company acquired 118 Second Avenue, a property that spans 400,000 square feet and has the potential for a roughly 800,000-square-foot project, according to sources familiar with the deal.

Forest City Ratner sold the Lowe’s site, and a TerraCRG team team led by Dan Marks, Ofer Cohen and Daniel Lebor brokered the deal.

Two Trees also reportedly paid about $65 million for a nearby Pathmark site at 1-37 12th Street, consisting of a 700,000-square-foot building and a 100,000-square-foot parking lot, although that deal has not closed yet. (TerraCRG is brokering that deal as well.)

Two Trees did not respond to a request for comment about the company’s plans for the site, although Marks noted that Lowe’s still has a long-term lease in place at the property.

The Real Deal recently ranked Two Trees as the most active developer in Brooklyn by square footage with about 1.74 million square feet of projects.

A rezoning in Gowanus is likely on the way, and local Council member Brad Lander expects it to go smoothly. Domain Companies recently purchased 420 Carroll Street in the neighborhood for $47.5 million  and 545 Sackett Street for $26.5 million.


Related Articles

arrow_forward_ios
22-15 31st Street (Google Maps)

Supermarket signals demise as Target eyes Astoria

Supermarket signals demise as Target eyes Astoria
Danny Meyer (USHG, iStock)

Danny Meyer’s USHG got $11M+ in PPP cash

Danny Meyer’s USHG got $11M+ in PPP cash
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
Photo illustration of Ryan Serhant and  22-43 Jackson Avenue (Getty, Trader Joe's) 

Trader Joe’s to open in LIC early next year

Trader Joe’s to open in LIC early next year
Shawn Mobley (left), is being replaced by Andrew McDonald (right) as CEO of the Americas at Cushman

Shakeup at Cushman: Mobley out, McDonald promoted

Shakeup at Cushman: Mobley out, McDonald promoted
(iStock)

To survive, NYC retailers are treating average Joe’s like they’re rich

To survive, NYC retailers are treating average Joe’s like they’re rich
The financing deal comes after AMC theaters have been shuttered for months due to the coronavirus pandemic. (iStock)

AMC nears deal to avoid bankruptcy

AMC nears deal to avoid bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...