Domain Companies buys another Gowanus development site

Property at 420 Carroll Street spans about 65,000 sf

420 Carroll Street
420 Carroll Street

Domain Companies is doubling down on Gowanus ahead of the neighborhood’s likely rezoning.

The company has purchased 420 Carroll Street for $47.5 million from Property Markets Group, according to Crain’s. The site houses an approximately 65,000-square-foot industrial building, which is occupied by a plumbing and sewer company. The property is currently zoned to accommodate roughly 130,000 square feet of commercial development.

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Domain purchased a nearby site at 545 Sackett Street in December for $26.5 million, and at the time, company principal Matthew Schwartz said the firm believed the upcoming rezoning would allow them to build a larger project at the address.

Local City Councilman Brad Lander has said he expects the rezoning process for Gowanus to move forward smoothly. [Crain’s]Eddie Small