Friday, August 12 2022

Sam Alison-Mayne of Tankhouse and Rob Rieger of Pilot Real Estate Group (Facades+, Steer For Student Athletes, iStock)

Brooklyn-based development company Tankhouse has agreed to purchase the development site at 452 Union Street in Gowanus from Pilot Real Estate Group.

As part of the deal, Tankhouse made a $4 million deposit and agreed to pay an additional $3 million before closing. The total sale price has not been disclosed.

Tankhouse co-founder Sam Alison-Mayne said the site had already qualified for 421a tax relief, a key multifamily development incentive that expired in June. The company plans a mixed-use development with a “significant” non-residential component on its new lot, which spans a full city block and abuts the Gowanus Canal.

Alison-Mayne said the project will be bigger than her company’s previous foray into Gowanus, a five-story, 18-unit condo project at 450 Warren Street. This project drew attention for its focus on outdoor space and greenery, which helped it stand out in the early days of the pandemic when buyers were craving outdoor space. The company also plans projects in downtown Brooklyn, Clinton Hill and Boerum Hill, according to its website.

Pilot received approval in April for excavation of an eight-story, 81,000 square foot building with 24 apartments. This plan included 35,000 square feet of retail space. No demolition permit for the existing one-story commercial building on the plot has been filed with the Department of Buildings.

Most of Gowanus was rezoned last year to allow more residential development. More than 8,000 apartments should be built in this way. Each new multi-family building will have to include affordable housing.

Pilot, a Greenwich, Connecticut-based investor, was among a swarm of real estate companies that filed plans and worked to get a foothold before 421a expired. With no tax relief replacement in sight, more trades for 421a-ready development sites could be on the horizon.

In 2014, Pilot acquired the site for $12.3 million from Meadow Street Partners.

Previous

Lawmakers and experts bicker over what's driving up U.S. housing costs

Next

'It was absolutely deplorable': Mayor Revere, angry at property managers, calls for emergency receivership of building destroyed by fire - Boston News, Weather, Sports

Check Also