Development Partnership Will Build Mixed-Use Tower in Gowanus

JLL Capital Markets arranged a joint venture partnership for the development of 164 4th Ave., a 142,000 square foot, Class A mixed-use building 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.

The site is a 13,480-square-foot parcel between Degraw and Douglass streets. The partnership will build a 17-story tower with 160 rental apartments and 12,391 square feet of commercial space.

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.

Inside The Story

JLL's Clifford

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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