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New York & Tri-State   /   September 19, 2019

Paul Bubny
By: Paul Bubny

JLL Closes Gowanus O-Zone Sale Above Asking Price

JLL Capital Markets completed the sale of 514 Union, 469 President St. and 473 President St. for EcoRise Development LLC. The buyer, 473 President LLC, acquired the three adjacent, single-story warehouses, located in Brooklyn’s Gowanus neighborhood, for $44.1 million.

Buyer and seller were represented by JLL’s Brendan Maddigan, Stephen Palmese, Winfield Clifford, Michael Mazzara and Ethan Stanton.

“There was an incredible amount of interest and multiple competitive bids for this Gowanus asset, which ultimately sold for more than the asking price,” said Maddigan. “It truly encompassed all the unique facets of why the neighborhood is exciting now, while still holding all of the potential of what the future may look like.”

A large portion of the site is a part of the Brownfield Cleanup Program, which allows for the possibility of obtaining tax credits associated with remediation and hard development costs. Moreover, the tax lots are within an Opportunity Zone.

Connect National Investment & Finance is coming to New York on Oct. 23. For more information, or to register, click here.

Connect Opportunity Zones will be presented for the first time on Oct. 23 in New York. For more information, or to register, click here.

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About the Author

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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