459 Smith Street
Update
03/14/24
Massive Gowanus Development Parcel Trades for $76.5M
A large, vacant development parcel, located at 459 Smith Street in Brooklyn's Gowanus neighborhood, has just been sold for $76.5 million. The land was purchased by Toronto-based real estate investment trust, H&R REIT, from the previous owner, All Year Management.
Spanning 165,840 square feet and sitting directly on the waterfront of the Gowanus Canal, the property boasts major buildable potential. Future plans are not entirely clear just yet, but if/when something is built, it will likely be geared toward multifamily and affordable housing.
The sale comes amidst a massive development boom in Gowanus that is transforming the formerly industrial neighborhood into a trendy residential district.
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