175 3rd Street Update 10/22/24

Major Gowanus Development Site to Sell for $160M

Joint developers, Tavros Capital and Charney Companies, are in contract to buy a large development site, located at 175 3rd Street in Brooklyn's Gowanus neighborhood, from the previous owner, RFR Holding LLC, for over $160 million.

The property spans 120,793 square feet and is occupied by a couple of low-rise structures, formerly used by Verizon. While the soon-to-be new owners haven't shared their plans for the property quite yet, it's reasonable to assume that the site will be used for a multifamily development of some kind. As for the seller, RFR Holdings first purchased the site in 2018 for $115 million and will make out well in this deal. Prior to this sale, RFR planned to construct a nearly 650,000 square-foot, 20-story, mixed-use development at the site, with 375 condos and 137,900 square feet of retail space, but it's unlikely that this plan will be adopted by the new owners.

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