David Grunfeld, Joel Wieder pay $19.4M for dev site in Gowanus

David Grunfeld and Joel Wieder through the entity Gw Carroll LLC paid $19.4 million to Frank Perone through the entity Tbd Five Management, Inc. for the industrial building (G7) at 444-450 Carroll Street in Gowanus, Brooklyn. The expected use is ground up development.

On the lot, there is one active new building construction project, B01255387, for a 99-unit, 68,526 square-foot R-2 building. The project was submitted by David Grunfeld and filed by David Grunfeld with plans filed August 7, 2025 and it has not been permitted yet.
The deal closed on February 2, 2026 and was recorded on February 9, 2026. The property has zero square feet of built space and 56,584 square feet of additional air rights for a total buildable of 56,584 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $342 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 signatory for Frank Perone was Frank Perone. The signatory for David Grunfeld and Joel Wieder was Jeffrey Edelman . The contract date was February 24, 2025.

At the same time, the David Grunfeld and Joel Wieder borrowed $60 million in a construction loan from Ponce Bank .

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer David Grunfeld had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Frank Perone had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 94 feet and is 242 feet deep with a total lot size of 28,292 square feet. The lot is irregular. The zoning is M1-4/R6B which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.1 million.

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.

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 2.2 times the average sales volume among other neighborhoods with $718.8 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Gowanus has had very little major development activity relative to other neighborhoods.It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the nine commercial properties representing 1,834 square feet of the 142,069 square feet. The two identified owners are Domain Companies and Mccallum Burr Alexandra.
On the tax block, there were two new building construction projects totaling 382,198 square feet. The largest is a 360-unit, 313,672 square-foot residential (R-2) building submitted by VOREA Group and filed by Peter Papamichael with plans filed October 29, 2021 and permitted January 4, 2023. The second largest is a 99-unit, 68,526 square-foot residential (R-2) building submitted by David Grunfeld and filed by David Grunfeld with plans filed August 7, 2025 and it has not been permitted yet.

The majority, or 87 percent of the 142,069 square feet of built space are industrial buildings, with walkup buildings next occupying 7 percent of the space.

The buyer

The PincusCo database currently indicates that David Grunfeld owned at least eight commercial properties with 90 residential units in New York City with 60,307 square feet and a city-determined market value of $16.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 60,307 square feet of built space are walkup properties, with elevator properties next occupying 34 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Joel Wieder owned at least six commercial properties with 249 residential units in New York City with 43,591 square feet and a city-determined market value of $10.6 million. (Market value is typically about 50% of actual value.) The portfolio has $100.2 million in debt, with top three lenders as NorthEast Community Bank, S3 Capital, and Valley National Bank respectively. Within the portfolio, the bulk, or 46 percent of the 43,591 square feet of built space are elevator properties, with walkup properties next occupying 42 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Bronx next at 5 percent of the space.

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