Elo Organization in deal to flip Gowanus dev site

Yitzchok Katz in contract for 172 Third Avenue

<p>A photo illustration of 172 Third Avenue (Getty, Google Maps)</p>

A photo illustration of 172 Third Avenue (Getty, Google Maps)

Enigmatic developer Yitzchok Katz is taking up the baton at a Gowanus development site.

An entity tied to Katz’s Goose Property Management is in contract to buy the vacant lot at 172 Third Avenue from the Elo Organization, according to property records. No price was disclosed in a memorandum of contract filed with the city.

The contract, first reported by PincusCo, was signed in March 2023 and Katz has until October 15 to seal the deal, the memorandum says.

The 100-by-100 foot site lies within the large section of Gowanus rezoned in late 2021 to allow for more residential development. The rezoning sparked a boom of multifamily projects that has been accelerated by the state’s extension of the 421a completion deadline to 2031 and the passage of a successor tax break, 485x, last month.

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Elo bought the property in 2009 for $7.8 million and filed plans for a 20,000-square-foot building in 2017, according to PincusCo. He took out a $21.5 million loan on the property in 2021.

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Katz is CEO of Goose Property Management, the management firm for Simon Dushinsky’s Rabsky Group. Goose’s website identifies the company as a partner of Rabsky. The two businesses have the same Flushing Avenue address, and in 2021 Goose was managing 10 Rabsky buildings with 1,500 apartments.

Katz’s father-in-law is Rabsky partner Isaac Rabinowitz, according to sources.

Katz did not immediately respond to a request for comment. Elo could not be reached for comment.