473 President Street / 514 Union Street
Status: Acquired, in Planning
Location: Gowanus, Brooklyn
Use: Retail, Residential, Amenities, Parking
Size: 300,000 GSF / 300 Units
Avery Hall, in partnership with Gemdale USA, has acquired a large and strategic site in the heart of the burgeoning creative and nightlife district, Gowanus, in Brownstone Brooklyn. The team assembled and acquired the 1.6-acre parcel, consisting of 9 separate tax lots and 10 warehouse buildings, from two separate owners over the course of 2019. The project centers around 514 Union Street, which is leased long-term to Brooklyn’s iconic Royal Palms Shuffleboard Club. Pursuant to the proposed Gowanus rezoning, the project is intended to be remediated and developed as a multi-phase, mixed-use and mixed-income rental development, which at full build-out would consist of approximately 300 units, full amenities, on-site parking and 40,000 SF of retail / commercial space. The property is located on Union Street, the area’s critical east-west thoroughfare connecting Gowanus to both Carroll Gardens to the west and Park Slope to the east. The Union Street R train and the Carroll Street F train are both 5 minutes by foot. The project sits in a federally recognized Opportunity Zone and is intended to be held as a long-term rental asset by the partnership. The team plans to break ground in 2020 and to open in 2023.