Jones Lang LaSalle (“JLL”) has been exclusively retained by Heron Fourth Avenue LLC to secure a development partner for 164 4th Avenue (the “Property”, the “Site”, the “Project”), a 114,580 ZFA mixed-use development opportunity located in the rapidly growing neighborhood of Gowanus, Brooklyn. The to-be-built 17-story luxury tower can accommodate approximately 143 rental apartments spanning 105,224 rentable square footage, 12,391 commercial square footage.
Affordable New York
164 4th Avenue has been vested under the Affordable New York program, allowing for the project to benefit from significant tax savings. The Affordable New York Program provides 35 years with a 100% tax abatement in the first 25 years, and a 25% abatement in the final 10 years. With the tax abatement program set to expire in June 2022, all other future development projects will not benefit from the 35-year tax program.
Opportunity Zone (OZ)
The Project is located within an Opportunity Zone, providing significant post-tax savings over a 10-year hold for a qualified opportunity zone investor. The Gowanus neighborhood is a unique and highly desirable OZ as The Property is located adjacent to some of the wealthiest submarkets in Brooklyn. Therefore, the site provides superior fundamentals with exceptional demographics compared to other Opportunity Zones throughout the country.
· Two blocks from the Union Street subway station, providing immediate access to the R train.
· Five-minute walk to the Atlantic Avenue/Barclay’s Center subway station, which is the largest transportation hub in all of Brooklyn. This offers immediate access to the 2, 3, 4, 5, B, D, N, Q, R and Long Island Railroad.
Located on the high trafficked corner of 4th Avenue and Douglass Street, the Site offers 218 ft of wrap around frontage creating flexible retail floorplate(s) to optimize single or multitenant uses. The 4th Avenue corridor has a proven high retail value in as it is ideally situated to service the retail needs of the rapidly expanding Gowanus market with over 8,500 residential units in the pipeline as well as the existing immediately adjacent residents of Park Slope.
The Gowanus submarket has completed a decades long re-zoning effort that will attract billions in public/private capital adjacent to the site. With over 8,500 projected residential unit deliveries, $500M of private investment, and over $7.5B of private capital investment committed over the next five years, Gowanus has transformed into one of New York’s top up-and-coming neighborhoods.