Brookland Capital Buys $7.4 Million Development Site on 4th Avenue in Gowanus

Brookland Capital has at least 46 developments in the works in Brooklyn right now — all condos — but most of them are in less prominent spots than the one the firm has just scooped up for $7,400,000 on 4th Avenue. The very active developer, whose private sources of capital have allowed it to build condos when most in Brooklyn could develop only rentals, is planning a 13-story building with 45 apartments plus ground-floor shops at 550-554 4th Avenue, The New York Observer reported.

Twenty percent of the condos will be affordable. The architect will be Roart.

The site, at the corner of 15th Street not far from the Brooklyn-Queens Expressway, was assembled from five tax lots and three sellers. One of the sellers will retain space in the new building, according to a press release sent out by TerraCRG, which handled the sale.

The site has a total square footage of 7,032, with a buildable square footage of 50,632, including affordable housing.

There is a grocery store and two wood-frame houses on the site, pictured above, all vacant. The online listing for the property on TerraCRG’s website shows a proposed design for the building, but no permit applications appear to have been submitted to the Department of Buildings. It is not clear if Brookland plans to use the proposed design, pictured below.

Brookland Assembles Gowanus Development Site for $7.4 Million [NY Observer]
Photo by Kate Leonova for PropertyShark