Brooklyn, NY – TerraCRG, Brooklyn’s leading commercial real estate brokerage firm, has sold 545 Sackett Street, an 80,000 BSF commercial building, for $26,500,000 to NY-based developers The Domain Companies. This pivotal transaction for the area was brokered by Dan Marks, Partner, along with Ofer Cohen, Founder and CEO, and Mike Hernandez, Associate Vice President and the rest of their team.
“We are thrilled to have brokered the sale of this property. This sale represents the continued strength of the Brooklyn market and especially the Gowanus sub-market,” said Dan Marks, Partner, TerraCRG.
The ~42,000 SF building runs the length of Nevins Street between Sackett Street and Degraw Street with 200 feet of frontage along all three streets. The property is zoned M1-2, allowing a total of 80,000 buildable SF, and represents one of the few sizable redevelopment parcels in Gowanus to sell over the past few years. 545 Sackett is a part of the area covered by the “Bridging Gowanus” community planning and land use process, an initiative led by Councilmember Brad Lander to create a “sustainable, livable, inclusive future” for the Gowanus area.
“545 Sackett is one of several projects Domain is planning in the Gowanus community,” said Matt Schwartz, Principal, The Domain Companies. “The neighborhood’s unique character and blend of residential, industrial, and artistic uses are part of what makes New York such an incredible place to live and work. We’re excited to participate in the Bridging Gowanus process, and proud to join the community.”
Domain has worked in several rezoned neighborhoods throughout New York and has developed a successful track record in creating affordable housing and remediating brownfield sites. Most recently, Domain developed Eleven33 in Greenpoint, Brooklyn. The mixed-income development participated in the New York State Brownfield Cleanup Program and received the 2015 Big Apple Brownfield Award for Green Building.
The Gowanus area has been increasingly drawing a considerable amount of retail and entertainment attention. Whole Foods’ 52,000 square foot supermarket opened in the spring of 2013 and is one of the most active Whole Foods in the country. Much of Gowanus is currently zoned for commercial use only, which has helped spur creative re-positioning of former warehouse and manufacturing buildings. The best-known examples are Dinosaur BBQ, Royal Palms Shuffle Board Club, Ample Hills Creamery, Brooklyn Boulders and The Bell House Just one block from the R train stop at Union Street, and a 15-minute walk to the F and G trains at Carroll Street, the location is easily accessible for commuters.
For several years, parts of the Gowanus area have been on the cusp of residential rezoning. In 2008/09, City Planning proposed a framework for mixed-use zoning. Recently, local councilman Brad Lander has restarted the zoning plan with the community and city planning. Among many proposed changes, a “mandatory mixed-use zone” in the current Industrial Ombudsman Area, in which this property is located.
About TerraCRG — Only Brooklyn.® TerraCRG is the only commercial real estate brokerage firm focused exclusively on the Brooklyn market. In just eight years, TerraCRG has established itself as a true market leader, averaging over 70 completed transactions annually. Last year, the firm handled nearly half a billion dollars’ worth of commercial property in Brooklyn, including some of the largest development sites, multifamily assets and retail buildings in Brooklyn’s most sought-after neighborhoods. To date, the TerraCRG team has handled more development transactions in Brooklyn than any other company, totaling over two million buildable square feet. For more information about TerraCRG or this property, please visit terracrg.com or contact Antonina Agrusa at 718.768.6888 or via email at email@example.com.
About The Domain Companies — Founded in 2004, The Domain Companies is based in New York and New Orleans and specializes in the development and management of unique, mixed-use properties in core urban locations. Domain creates high-quality properties that stand apart through innovative design and exceptional management, enhancing the communities in which they build. Domain’s projects include the new construction and preservation of affordable, mixed-income, and luxury housing; the acquisition and repositioning of distressed housing; historic restoration; brownfield redevelopment; seniors and special needs housing; and hospitality, retail, and commercial development. www.thedomaincos.com | @domaincos