Anbau pays $4.3M to Equity Residential for dev site in Gowanus

Anbau, Inc. through the entity 341 Nevins Street Fee LLC paid $4.3 million to Equity Residential through the entity EQR-Gowanus Development, LLC for the development site at 341 Nevins Street in Gowanus, Brooklyn. The expected use is ground up development.
The deal closed on March 4, 2025 and was recorded on March 5, 2025. The property has zero square feet of built space and 12,300 square feet of additional air rights for a total buildable of 12,300 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $349 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on July 31, 2019, for $3.6 million. The signatory for Equity Residential was Mark Trager. The signatory for Anbau, Inc. was Alexander Glascock. The contract date was February 5, 2025.

TerraCRG’s Dan Marks, Daniel Lebor and Andrew Manasia were the sole brokers on the transaction.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Anbau, Inc. purchased two properties in one transaction for a total of $5.8 million and has no record it sold any properties over the past 24 months.
The seller Equity Residential had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 50 feet and is 82 feet deep with a total lot size of 4,100 square feet. The zoning is M1-4/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $230,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

On the lot, there is one active new building construction project, 321195764, for a 8,160 square-foot B building. The project was submitted by Jared Della Valle with plans filed October 3, 2016 and it has not been permitted yet.

The neighborhood

In Gowanus, The bulk, or 46 percent of the 9.2 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 19 percent of the space. In sales, Gowanus has 2.5 times the average sales volume among other neighborhoods with $677.9 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Gowanus has 2.5 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 31 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 17 commercial properties representing 22,332 square feet of the 60,369 square feet. The largest owner is Ronald Fatato, followed by 274 Third Llc and then Mark Rosen.
On the tax block, there were two new building construction projects totaling 10,747 square feet. The largest is a 8,160 square-foot business (B) building submitted by Jared Della Valle with plans filed October 3, 2016 and it has not been permitted yet. The second largest is a 2,587 square-foot business (B) building submitted by Anthony Katagas with plans filed February 6, 2018 and permitted January 16, 2019.

The majority, or 36 percent of the 60,369 square feet of built space are mixed-use buildings, with industrial buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Equity Residential owned at least seven commercial properties with 1,875 residential units in New York City with 1,914,414 square feet and a city-determined market value of $551.2 million. (Market value is typically about 50% of actual value.) The portfolio has $48.5 million in debt, borrowed from PNC Bank. Within the portfolio, all identified are elevator properties. The bulk, or 59 percent of the built space, is in Manhattan, with Brooklyn next at 41 percent of the space.

The buyer

The PincusCo database currently indicates that Anbau, Inc. owned at least four commercial properties with 80 residential units in New York City with 161,170 square feet and a city-determined market value of $35.2 million. (Market value is typically about 50% of actual value.) The portfolio has $154 million in debt, with top three lenders as First Republic Bank, Bank OZK, and Union Labor Life Insurance Company respectively. Within the portfolio, the bulk, or 73 percent of the 161,170 square feet of built space are elevator properties, with development properties next occupying 22 percent of the space. They are all located in Manhattan.

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