NYC’s Largest Residential Development Deal in 2021
300 Nevins Street
Gowanus
Closed in 2022 at $102,000,000
Renowned in the market for having sold some of the neighborhood’s largest sites, TerraCRG was retained by an institutional grade owner/developer to exclusively market 300 Nevins Street, which ended up being the largest residential development deal New York City had witnessed in 2021. Strategically located in the heart of Gowanus, the site was positioned to deliver a significant amount of housing, including much needed affordable units, to the newly rezoned neighborhood. Under the new rezoning, the development had a total of 505,000 buildable square feet – all within an Opportunity Zone. Partners Ofer Cohen, Dan Marks, and Daniel Lebor exclusively represented the seller through a formal marketing and competitive bidding process.
About this Property
Within Gowanus rezoning footprint
Lot Size 101,118 SF
Rezoned ZFA - R7-2/M1-4 505,590 SF
Street Frontage 225 ft along Carroll and Union Streets
Street Frontage 450 ft along Nevins Street
Water Frontage 450 ft along the Gowanus Canal
CHALLENGES
- Pending rezoning at the time of selling
- Looming expiration of 421-a Tax Abatement Program
- Managing multiple bidders’ engagement and expectations
- Political climate surrounding the The Uniform Land Use Review Procedure (ULURP)
STRATEGY
The team had been tracking the Gowanus rezoning for years and had become experts on the details and impact it would have on the area and its residential and industrial spaces, which allowed TerraCRG to strategically develop the positioning of the site’s marketing campaign. After conducting a targeted and controlled marketing process consisting of personal outreach, due diligence, and intensive investment and market analyses, we engaged some of the city’s largest developers and acquired multiple potential buyers that were interested in the exclusive opportunity of entering the Gowanus market and potentially developing one of the largest sites the neighborhood had to offer.
Sealing the Deal - $102M
Due to its lot size and buildable potential, the site received a lot of interest from the city’s largest developers. Although overcoming the zoning tax abatement risk was challenging for several buyers, we were able to solicit half a dozen developers to make competitive bids. After running a formal and organized competitive bidding process, we issued multiple contracts and ultimately signed a contract contingent on the rezoning approval. In November 2021, City Council approved the rezoning which paved the way for TerraCRG to successfully close this deal with Tavros Capital and Charney Companies, making it the largest residential development site sale in New York City in 2021.