Avery Hall Investments pays $18.6M to Pontone family for property in Gowanus

Avery Hall Investments paid $18.6 million to the Pontone family for seven parcels in two recorded transactions. This sale represents a portion of a larger $55 million transaction, which was brokered by TerraCRG.

In the first, Avery through the entity 473 President LLC paid Pontone Bros. Corp. $11.1 million for 536 Union Street, 538 Union Street, 540 Union Street, 542 Union Street, 495 President Street in Gowanus. The deal closed on October 17, 2019, and was recorded on October 22, 2019. The transaction consists of 5 parcels, including the tax class fireproof warehouse (E1). The property is 33,600 square feet. The parcel(s) have total development potential of 33,600 square feet.
The average sale price per square foot is $493.

In the second transaction, Avery through the entity 473 President LLC paid Pontone Brothers Associates, LLC $7.5 million for 532 Union Street and 499 President Street in Gowanus. The deal closed on October 17, 2019, and was recorded on October 22, 2019. The transaction consists of 2 parcels, including the tax class miscellaneous manufacturing building (F9). The property is 19,890 square feet. The parcel(s) have total development potential of 19,890 square feet.
The average sale price per square foot is $420.
The estimated cap rate is 2.1%

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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