Brodsky Organization Acquires Development Site In Gowanus, Brooklyn For $84.1M

The Brodsky Organization has acquired a development site in Gowanus, Brooklyn from Avery Hall Investments for a total transaction price of $84,133,112. The site, located at 499 President Street, is set to be developed into a 322,000-square-foot building with 350 residential units. Despite the sale, Avery Hall Investments will retain ownership in the project.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $84,133,112
• Address: 499 President Street
• Market: Gowanus, Brooklyn

The Brodsky Organization, led by Daniel Brodsky, acted as the buyer in this deal, while Avery Hall Investments, represented by Brian Ezra, served as the seller. Additionally, M&T Bank provided a substantial $155 million construction and acquisition loan for the development of the site.