Deal is for the leasehold interest
Two Trees Management has closed on the acquisition of a leasehold in 118 Second Avenue from Forest City Ratner for $53 million. The leasehold position with the U.S postal service runs until 2102, according to TRD.
Dig Deeper: The property is currently home to a Lowe’s Home Improvement Store, whose 20-year lease will expire in 2023. With a Gowanus rezoning likely, the nine-acre property will allow for the construction of a roughly 800,000-square-foot project. For now, Two Tree’s David and Jed Walentas can build warehouses and creative office spaces.
Worth Noting: Two Trees is in contract to acquire a neighboring Pathmark site at 1-37 12th Street for $65 million. It consists of a 700,000 -square-foot building and a 100,000-square foot parking lot.
Sound Smart: Two Trees joins RFR and Domain Companies as companies betting on the neighborhood’s future.