Two Trees closes on $53M leasehold purchase of Gowanus site
Company is still in contract on another portion of the site
The company acquired 118 Second Avenue, a property that spans 400,000 square feet and has the potential for a roughly 800,000-square-foot project, according to sources familiar with the deal.
Two Trees also reportedly paid about $65 million for a nearby Pathmark site at 1-37 12th Street, consisting of a 700,000-square-foot building and a 100,000-square-foot parking lot, although that deal has not closed yet. (TerraCRG is brokering that deal as well.)
Two Trees did not respond to a request for comment about the company’s plans for the site, although Marks noted that Lowe’s still has a long-term lease in place at the property.
The Real Deal recently ranked Two Trees as the most active developer in Brooklyn by square footage with about 1.74 million square feet of projects.
A rezoning in Gowanus is likely on the way, and local Council member Brad Lander expects it to go smoothly. Domain Companies recently purchased 420 Carroll Street in the neighborhood for $47.5 million and 545 Sackett Street for $26.5 million.