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Charney acquires Gowanus development site for $22M

Developer Sam Charney has partnered with Tavros Capital Partners to acquire a Gowanus development site for $22.5 million

JLL Capital Markets brokered the sale of 251 Douglass Street on behalf of David Linn of The Galinn Fund LLC.

The three-lot assemblage spans 18,500 s/f and offers 37,000 buildable square feet.  Occupied by a vacant 5,000 s/f brick warehouse, the site is directly across the street from Thomas Greene Playground and one block from the Gowanus Canal.

The three tax lots at 251 Douglass Street are located in a qualified opportunity zone. Per the recently released New York City Department of City Planning Gowanus zoning proposal, 251 Douglass Street is situated within M1(3)/R6A and M1(4)/R7X zoning districts, which would allow for upwards of 96,000 buildable square feet.

The JLL professionals overseeing the sale of 251 Douglass Street includes Vice Chairmen Stephen Palmese and Brendan Maddigan; and Managing Directors Ethan Stanton, Winfield Clifford and Michael Mazzara.

“As a result of the proposed rezoning, there continues to be significant interest from developers and owners alike in capturing tomorrow’s value, today,” Mazzara said. “The sale of these assets represents the transformation of Gowanus that will be realized in the future, happening now.”

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