Property records have revealed what the Brodsky Organization paid for a Gowanus development site and building next door that’s home to a popular shuffleboard business: $76 million.
The Real Deal reported this month that Brodsky had acquired the project from Avery Hall Investments, which kept a stake for itself, but terms were not disclosed at the time.
Records show Brodsky bought 514 Union Street, home to the popular Royal Palms Shuffleboard Club, and a neighboring vacant lot on President Street, where it will build apartments.
Royal Palms Shuffleboard Club became an unexpected hit when it launched 10 years ago. A Brodsky spokesperson said that in August 2022 the club signed a long-term lease at 514 Union and that the 350-unit mixed-use development currently under construction at 469 to 499 President Street will be built around it.
Brodsky has tapped SLCE Architects for the project and notched a $155 million construction loan from Buffalo-based M&T Bank. The projected completion date is spring of 2025, a year before the construction deadline to qualify for the 421a property tax break.
The two properties were put on the market in March 2019 by EcoRise Development, which had signed a deal in 2017 with Knotel for a commercial project at the site. However, the deal didn’t pan out and neither did Knotel, which filed for bankruptcy and was acquired by Newmark.
The deal for the two lots last week highlighted a slow week in the city for mid-market investment sales, defined as those between $10 million and $40 million.
In the only other deal, Andrew Joblon’s Turnbridge Equities bought six vacant lots at 2320 Shore Parkway in Coney Island for $13 million from three LLCs tied to Thomas, Angela and Michael Paolino of Brooklyn and New Jersey. The site sits south of Shore Parkway, east of Stillwell Avenue and north of Neptune Avenue.
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