April 29, 2020
JLL Capital Markets completed the sale of a development opportunity at 251 Douglass St. in the Gowanus neighborhood of Brooklyn, for David Linn with The Galinn Fund LLC. Tavros Capital Partners and Charney Companies acquired the property, offering 37,000 buildable square feet, for $22.5 million.
Located in an Opportunity Zone, the development site is a three-lot assemblage spanning 18,500 square feet. The property includes an existing, vacant 5,000-square-foot brick structure. The site is directly across the street from Thomas Greene Playground and near Gowanus Canal.
The JLL team overseeing the sale included Stephen Palmese, Brendan Maddigan, Ethan Stanton, Winfield Clifford and Michael Mazzara.
“As a result of the proposed rezoning, there continues to be significant interest from developers and owners alike in capturing tomorrow’s value, today,” Mazzara said. “The sale of these assets represents the transformation of Gowanus that will be realized in the future, happening now.”
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