The Gowanus rezoning is supposed to bring about 8,500 new apartments to the Brooklyn neighborhood. Cheskie Weisz plans to chip in 200 of them at a Fourth Avenue site.
Weisz’s CW Realty is putting together a site where the developer plans to build a 205-unit building in the evolving neighborhood, The Real Deal has learned.
The company is in contract to buy a trio of properties on Fourth Avenue at First Street for close to $50 million, according to a source familiar with the deal. The development site, which has an address of 296 Fourth Avenue and sits at the border of Park Slope, has a footing poured in order to be eligible for the 421a tax break.
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A representative for CW Realty declined to comment. JLL and Meridian Investment Sales brokered the sale.
The site consists of 288 Fourth Avenue, 296 Fourth Avenue and 21 Denton Place. Denton Place connects 1st Street and Carroll Street on the Gowanus side of Fourth Avenue.
To allow for more residential development, the city last year rezoned 82 blocks that had mostly been restricted to industrial use. Officials estimated the 8,500 apartments will be built by 2035. Some 3,000 will be income-restricted.
Gowanus had already become a hotspot for investment in the years leading up to the rezoning, and it’s seen a dose of action since.
Tavros Capital and Charney Companies in December bought a full-block site along the Gowanus Canal at 318 Nevins Street for more than $100 million, where they plan to build approximately 660 rental apartments.
Aby Rosen’s RFR Holding filed plans in March to build a 375-unit, mixed-use building directly across from Whole Foods at 175 3rd Street. And Rabsky Group scored a $92 million construction loan in May for a 526,000-square-foot building at 313-315 Bond Street.
A number of other projects are in the works for the neighborhood, where the Bloomberg administration once feared designation of the canal as a Superfund site would scare builders away.