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Acquisitions

Avery Hall Investments acquires Gowanus development site

Aerial view of the development site (Credit: TRD/Google Maps)

Avery Hall Investments has acquired a development site at 469 President Street, 473 President Street, and 514 Union Street from EcoRise Development for $44.1 million, according to public records cited by TRD. The three single-story commercial warehouses span 51,155 SF, and sit on a 48,955 SF lot that allows for the development of 97,910 SF. 

  • Eyes on the potential rezoning: The proposal released earlier this year covers 80 blocks by the Gowanus Canal and would allow new mixed-use development projects along the water. Developers would be required to raise the shoreline and build flood-proof buildings. This assemblage is currently zoned M1-2. 
  • Dig Deeper: The Department of City Planning has stated that the plan would lead to thousands of new affordable housing units and provide developers with incentives to include manufacturing and arts spaces in their projects.
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