Meral Property and Joyland pay $35M for 5-acre Gowanus site
Former home of Pathmark grocery includes 120K sf building and parking lot
A joint venture between Meral Property Group and Joyland Group closed on the site of a former Pathmark supermarket in Gowanus for $35 million last week.
The nearly five-acre site, located at 1-37 12th Street, has a parking lot and a 125,000-square-foot building that was once home to the grocery store and several smaller retail tenants, Crain’s reported.
Meral Property and Joel Wertzberger’s Joyland bought Pathmark’s lease at the site for $6.3 million at a bankruptcy auction last year. Pathmark’s parent company, The Great Atlantic & Pacific Tea Company, went belly up last year.
It is not immediately clear what the partners will do with the Gowanus site, which is next to a Lowe’s Home Improvement and the Gowanus Canal. According to Crain’s, it’s likely they’ll keep the existing 50,000-square-foot structure that housed Pathmark, since New York City law wouldn’t permit a new retail building with a single tenant being more than 10,000 square feet.
Mayor Bill de Blasio’s administration is looking at rezoning Gowanus to make way for additional residential development, including affordable housing.