Avery Hall Investments buys Gowanus development site for $44M

JLL had been marketing the site for EcoRise Development

TRD New York /
Sep.September 24, 2019 03:43 PM
An aerial of 469 President Street, 473 President Street, 514 Union Street (Credit: Google Maps)

An aerial of 469 President Street, 473 President Street, 514 Union Street (Credit: Google Maps)

Another builder is going big in Gowanus.

Avery Hall Investments has purchased a development site in the evolving Brooklyn neighborhood from EcoRise Development for $44.1 million, according to property records.

The site is at 469 President Street, 473 President Street and 514 Union Street. EcoRise had tapped JLL to market it in March. The team included Brendan Maddigan, Stephen Palmese, Winfield Clifford, Michael Mazzara and Ethan Stanton.

The site allows for almost 98,000 square feet of commercial development as-of-right. Knotel had inked a deal in late 2017 to anchor a commercial project at 473 President Street of between 150,000 and 300,000 square feet in what would have been its first ground-up project in the city, but the deal did not pan out.

The purchased properties include the popular Royal Palms Shuffleboard Court, which is located at 514 Union Street. It still has a few years left on its lease, and JLL has said the business would likely stay at its current home long-term.

Avery Hall Investments said it will not close the Royal Palms Shuffleboard Court anytime soon but declined to comment further.

A much anticipated rezoning of Gowanus has just started to move forward, with the Department of City Planning releasing a proposal earlier in the year that spans 80 blocks near the Gowanus Canal. The plan would allow mixed-use developments to be built along the water.

The rezoning has enhanced interest in the former industrial neighborhood nestled between Park Slope and Carroll Gardens, although developers have been ramping up investments there for years. Among the recent activity: Avery Hall Investments plans to build a rental project at 204 Fourth Avenue, and developer Sam Boymelgreen is planning to convert a former printing plant at 255 Butler Street into a 95,000-square-foot office building. All Year Management purchased eight parcels in the neighborhood in 2018 for $61 million.

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