RFR Strategically Sells Gowanus Development Site
RFR has successfully completed the sale of its prominent development site, located at 175 3rd St. in Brooklyn's Gowanus neighborhood. The site, measuring an impressive 139,865 square feet, has been acquired by Tavros Capital and Charney Companies for a considerable sum of $160 million. This prime location represents one of the largest development opportunities in the newly rezoned Gowanus submarket.
Value Creation Through Strategic Initiatives
RFR has consistently distinguished itself by anticipating real estate trends and needs, and their latest project in Gowanus is a testament to that foresight. Aby Rosen, one of the firm’s co-founders, stated, "We've always made our mark by staying ahead of the curve. With Gowanus, we recognized the potential early. We secured critical tax incentives, pushed forward a best-in-class design, and positioned the project to meet the area's surging demand for housing. The result was a standout development opportunity — the kind of value creation we're known for."
Innovative Collaborations Elevate Development
Through partnerships with leading design firms, including Bjarke Ingels Group, RFR added tremendous value to the development site. Over several years, the firm navigated complex zoning laws and invested in securing an extension of the 421a tax abatement. This strategic move allowed RFR to manage crucial permits efficiently, enabling excavation and foundation work to commence promptly. They also undertook significant environmental remediation efforts to maximize the site's potential, qualifying it for necessary tax incentives such as the Brownfield Credit Program.
Acquisition Journey and Future Outlook
In 2018, RFR acquired the three-acre site for $115 million, well before the city's rezoning plan that would allow additional multifamily development in the area. Their vision for transforming this former industrial zone into a vibrant urban community has taken shape through meticulous pre-development plans focused on revitalizing the Gowanus Opportunity Zone. The Gowanus area is quickly becoming more desirable, attracting attention and interest from various developers looking to seize the moment.
Acknowledgments and Guidance
In this significant sale, Ackman-Ziff served as the advisory team for RFR, providing invaluable insight and expertise throughout the transaction process. Their established reputation in the industry ensured a smooth sale, aligning RFR's goals with the right buyers eager to invest in Brooklyn's future.
About RFR
RFR is a fully integrated real estate investment firm based in New York City, concentrating on select urban markets in the United States and Germany. Founded by Aby Rosen and Michael Fuchs in the early 1990s, the firm has established itself as a dominant force in both the New York City and German real estate markets over the past three decades. Today, RFR's portfolio includes more than 100 properties encompassing commercial, residential, hotel, and retail spaces in both domestic and international arenas.
Contact Information
For further inquiries, please reach out to Great Ink Communications, Ltd. at 212-741-2977. You can contact Roxanne Donovan, Eric Waters, or Sara Williams for more information.
Frequently Asked Questions
What site did RFR sell?
RFR sold its development site located at 175 3rd St. in Brooklyn's Gowanus neighborhood.
Who acquired the Gowanus site?
The site was acquired by Tavros Capital and Charney Companies.
What was the sale price of the Gowanus development site?
The site was sold for $160 million.
What kind of development opportunities does the site offer?
The site offers mixed-use development potential, including multifamily housing, benefiting from the area's zoning changes.
How has RFR contributed to the site’s value?
RFR secured tax incentives, collaborated with top design firms, and managed various permits and remediation efforts, significantly boosting site value.
