Two Trees impact may come to new coastline: Gowanus
Reports in Crain's Say Pathmark Site To Be Sold, Lowe's to Be Leased in $100 million package
Two Trees Management, the development company noted for having created DUMBO, as well as iconic waterfront amenities like Jane’s Carousel in Brooklyn Bridge Park and a new waterfront park at the Domino site in Williamsburg may someday bring their magic to another coast: the Gowanus Canal.
According to reports in Crain’s New York Business, Two Trees is in the process of buying two contiguous commercial sites in Gowanus for more than $100 million.
The properties include a former Pathmark and a Lowe’s Home Improvement store along the Gowanus Canal, and both include parking lots.
The sites are zoned for industrial business uses, and no immediate dramatic changes are expected. Re-zoning for residential uses would require the sites to go through the city’s demanding Uniform Land Use Review Procedure (ULURP).
According to Crain’s, Two Trees is buying the 70,000-square-foot Pathmark site, with its 100,000-square-foot parking lot, for around $65 million from Team Slope LLC, a partnership between Meral Property Group and Joyland Group.
Two Trees is purchasing a long-term lease for the Lowe’s and its parking lot (9 acres) from Forest City Ratner. Lowe’s will continue to occupy the site, having signed a 20-year lease with renewal options in 2003.
A spokesman for Two Trees had no comment on the transaction.
This is not Two Trees’ first investment in Gowanus. The company already owns a site on Hoyt Street between Fourth and Fifth streets, which is being considered as part of the ongoing Gowanus rezoning process.
Two Trees, overseen by Jed Walentas, is known for developing DUMBO and other Brooklyn properties including the Domino Sugar site in Williamsburg.
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