Avery Hall pays $30M for Gowanus site

Developer had pitched subway improvement in exchange for square footage

TRD 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
Clockwise from left: 532-542 Union Street and 232 Third Avenue in Gowanus, Tavros' Colin Rankowitz and Avery Hall's Brian Ezra (Credit: Terra CRG, Tavros, Avery Hall)

Gowanus gold rush: Avery Hall, Tavros, Charney buy sites for $55M

Nuveen CEO Vijay Advani, Blackstone President & COO Jonathan Gray and one of the Texas properties

Blackstone just sold off a 29M sf national industrial portfolio

From left: Mark Levine, Corey Johnson, and Marisa Lago with Morningside Heights (Credit: Getty Images and Wikipedia)

Manhattan rezoning forges ahead — without the de Blasio administration

Inwood has stayed affordable for a remarkably long time. That could soon change. (Credit: Wikipedia)

Inwood braces for gentrification

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

Avery Hall Investments buys Gowanus development site for $44M

Industry City CEO Andrew Kimball, Brooklyn City Council member Carlos Menchaca and Industry City (Credit: Getty Images)

Industry City made five concessions for rezoning. It wasn’t enough

Adam Neumann in talks about his future role, Sheldon Solow’s son makes a winery play: Daily digest

Adam Neumann in talks about his future role, Sheldon Solow’s son makes a winery play: Daily digest

Avery Hall to city: In exchange for 50K sf, we’ll improve a Gowanus subway station

Avery Hall to city: In exchange for 50K sf, we’ll improve a Gowanus subway station

arrow_forward_ios