Avery Hall pays $30M for Gowanus site

Developer had pitched subway improvement in exchange for square footage

New York /
Nov.November 19, 2019 06:01 PM
Avery Hall principal Brian Ezra and a rendering of 204 Fourth Avenue (Credit: Avery Hall and Startup Columbia)

Avery Hall principal Brian Ezra and a rendering of 204 Fourth Avenue (Credit: Avery Hall and Startup Columbia)

Avery Hall Investments has snapped up another property in Gowanus ahead of the neighborhood’s planned rezoning.

The development firm founded by Brian Ezra and Avi Fisher paid $30 million to buy the development site at 204 Fourth Avenue, sources told The Real Deal. The deal for the property, currently the site of a Speedway gas station, closed last week.

Andrew Sasson and Chad Sinshemer

Andrew Sasson and Chad Sinshemer

Representatives for Avery Hall and Speedway could not be immediately reached for comment. Andrew Sasson and Chad Sinshemer at Ackman-Ziff Real Estate Group brokered the sale on behalf of Speedway. The brokers declined to comment.

Avery Hall’s development partner on the project is Gindi Capital.

The property is zoned for manufacturing. But the city is planning to rezone Gowanus, which could boost the site’s buildable square footage and allow for residences.

Avery Hall had proposed building a new entrance for the nearby R subway train in exchange for additional square footage.

The company planned to build a 17-story building with 150 to 200 units. Avery Hall has been one of the most active investors in Gowanus, snapping up a handful of sites in anticipation of the rezoning.


Related Articles

arrow_forward_ios
SK Development's Scott Shnay and Ironstate's Michael Barry (Google Maps, Scott Shnay via LinkedIn)

Noho offices move forward where city wants housing

Noho offices move forward where city wants housing
Executive Director of the Department of City Planning, Anita Laremont, disagreed to the bill written by Public Advocate Jumaane Williams (left) and sponsored by Bronx Council member Rafael Salamanca Jr. (Getty, Jumaane Williams, Anita Laremont)

No “causal link” between rezonings and gentrification

No “causal link” between rezonings and gentrification
Open New York's Will Thomas and Kyle Dontoh (Photos via Getty; iStock: Open New York)

Outsiders for years, NYC yimbys move into mainstream

Outsiders for years, NYC yimbys move into mainstream
459 Smith Street in Gowanus and the Tel Aviv Stock Exchange (Google Maps, Getty)

All Year in default on $66M Gowanus preferred equity loan

All Year in default on $66M Gowanus preferred equity loan
A rendering of the Franklin Avenue developments and Alicia Boyd (Photos via Getty; Department of City Planning)

Judge overturns contested Franklin Avenue rezoning

Judge overturns contested Franklin Avenue rezoning
Mayor Bill de Blasio and the Gowanus Canal (Getty)

Gowanus infrastructure plan aims to mute rezoning foes

Gowanus infrastructure plan aims to mute rezoning foes
Mayor Bill de Blasio (Getty; Google Maps)

Inwood rezoning is a done deal

Inwood rezoning is a done deal
A rendering of Gowanus Green and HPD commissioner Louise Carroll (Rendering via Jonathan Rose Companies)

Massive Gowanus development will be 100% affordable

Massive Gowanus development will be 100% affordable
arrow_forward_ios

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

Loading...