JLL Capital Markets has arranged a joint venture partnership for the development of 164 4th Ave., a 142,000 square foot, Class A mixed-use building located on the edge of Park Slope in the Gowanus neighborhood of Brooklyn.
JLL represented the long-term owners of the site, White Plains-based Heron Real Estate, and arranged the partnership with a prolific New York City-based developer.
Situated in rapidly growing Gowanus, 164 4th Ave. is a 13,480 square foot site between Degraw and Douglass Street. The partnership will build a 17-story tower with 160 rental apartments and 12,391 square feet of commercial space. 30% of the apartments will be affordable under the Affordable New York program, and the project will benefit from its location within an Opportunity Zone.
Located on the highly trafficked corner of 4th Avenue and Douglass Street, the site offers 218 feet of wrap-around frontage, creating flexible retail floorplates for single or multi-tenant uses. It is two blocks from the Union Street subway station, providing immediate access to the R train, and a five-minute walk to the Atlantic Avenue/Barclay’s Center subway station, the largest transportation hub in Brooklyn.
The JLL Capital Markets team that arranged the partnership was led by Managing Director Winfield Clifford, Senior Managing Directors Stephen Palmese and Brendan Maddigan and Managing Directors Ethan Stanton and Michael Mazzara.
“The rezoning of Gowanus has opened the doors for a reinvigorated, pedestrian-friendly neighborhood and 164 4th Avenue sits at its heart,” said Clifford. “There was substantial interest from multiple parties interested in acquiring this site; however, Heron has tremendous faith in the multi-family market and a commitment to long-term ownership. We are delighted to have been able to arrange a partnership truly invested in the continued evolution of Gowanus as a thriving 21st century neighborhood.”