Two Trees expands territory in Gowanus

May 25, 2018 By Gordon Walker Special to the Brooklyn Daily Eagle

The Lowe’s site at 118 Second Ave in Gowanus. Image © 2018 Google Maps photo

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The real estate development firm Two Trees Management recently closed on a deal for a collection of buildings in Gowanus worth $115 million.

The company purchased a 70,000-square-foot building, along with a 100,000-square-foot parking lot at 1-37 12th St. for approximately $65 million, according to Crain’s. The site includes a former Pathmark store and sits next to their previously acquired 400,000-square-foot Lowe’s site at 118 Second Ave. The Lowe’s site deal closed in April for $53 million. The assemblage covers roughly 15 acres and has about 1.25 million square feet of buildable space.

The deal for both sites was brokered by TerraCRG. Although the city will likely rezone Gowanus in the future, Two Trees is not planning on a long-term building project, but will invest in short-term leasing to commercial tenants, The Real Deal reported.

“It’s still kind of nowhere, I think my son and daughter will be super appreciative someday, and someday it’ll probably change,” said Two Trees CEO Jed Walentas.