Developer Buys 2 Gowanus Sites For More Than $100M, Report Says

GOWANUS, NY — The developer behind two large apartment building in Brooklyn bought two pieces of land in Gowanus for more than $100 million, Crain's New York reported.

Two Trees bought the former Pathmark site at 1-37 12th St. and the 118 Second Ave. space currently occupied by a Lowe's Home Improvement, Crain's New York reported.

A spokeswoman for Two Trees did not want to comment on the sale.

The developer spent about $65 million for the 70,000-square-foot former Pathmark site along with the 100,000-square-foot parking lot attached, Crain's reported. They also bought the nine-acre Lowe's space and its lot from Forest City Ratner for an undisclosed amount.

While Two Trees has been behind the large towers at 60 Water St. in DUMBO and the 300 Ashland development in Fort Greene, building residential buildings in the Gowanus spots would be difficult, Crain's reported.

Lowe's lease doesn't run out until 2023 for their Second Avenue spot and both places lie in an Industrial Business Zone that only allows commercial or industrial uses inside.

Image: Google Maps