Avery Hall pays $30M for Gowanus site
Developer had pitched subway improvement in exchange for square footage
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.
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.