Tabak acquired the development site at 563 Sackett Street in Gowanus for $58.5 million, according to the Commercial Observer reported. The 38,500 square meter site traded for almost $1,520 per square meter.
The seller was the Mazzei family, who have owned the one-story garage on the property since 2005. The demolition permit for the garage has yet to be submitted, but this may only be a matter of time.
Tabak is already looking at a 12-story, 350-unit residential building on the entire block between Third Avenue and Nevins Street. The site allows for a development of 259,000 square meters and is intended for residential and commercial use.
Crucially, the site qualifies for the 421a tax credit, one of the few large-scale redevelopment sites left with that distinction, the deal’s brokers said.
A JLL team, including Michael Mazzara, Ethan Stanton and Brendan Maddigan, brokered the sale. The outlet could not reach spokespersons for the buyer or seller for comment.
The Mazzeis sought to develop on the site, submitting plans in 2022 for a 12-story, 291-unit project. But those plans never came to fruition.
Tabak and Meyer Lebovits are undertaking a seemingly more complicated project in another part of Brooklyn, Borough Park.
A year ago, developers received approval for a 14-building, 270-unit project that would be built atop a freight rail line. The ambitious design wraps around four city blocks and would be built directly above active tracks through which a freight train rumbles once a day.
The project will consist largely of four-story townhomes, with some six-story townhomes and a nine-story commercial building at the end. Of the 270 units, 30 percent will be affordable.
The project is seen as a potential model for further development opportunities in New York City.
— Holden Walter Warner
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