David Tabak appears to have found his next Brooklyn project, one likely to be less complex than the much-watched Brooklyn Yards development.
Tabak acquired the development site at 563 Sackett Street in Gowanus for $58.5 million, the Commercial Observer reported. The 38,500-square-foot site traded for nearly $1,520 per square foot.
The seller was the Mazzei family, who has owned the one-story garage on the site since 2005. Demolition permits for the garage have yet to be filed, but it could be nothing more than a matter of time.
Tabak is already looking at a 12-story, 350-unit residential building at the full block between Third Avenue and Nevins Street. The site allows for a 259,000-square-foot development and is zoned for residential and commercial use.
Critically, the site comes with eligibility for the 421a tax abatement, one of the few large-scale redevelopment sites left with that distinction, according to the deal’s brokers.
A JLL team including Michael Mazzara, Ethan Stanton and Brendan Maddigan brokered the sale. The outlet could not reach spokespeople for the buyer or seller to comment.
The Mazzeis took a shot at developing on the site, filing plans in 2022 for a 12-story, 291-unit project. But those plans never materialized.
Tabak and Meyer Lebovits are pursuing what appears to be a more complicated project on the surface in another part of Brooklyn, Borough Park.
A year ago, the developers won approval for a 14-building, 270-unit project to be built on top of a freight rail line. The ambitious design curves around four city blocks and would be built directly above active tracks where a freight train rumbles through once a day.
The project will consist largely of four-story townhomes, along with a few six-story townhomes and a nine-story commercial building at the end. Of the 270 units, 30 percent will be affordable.
The project is viewed as a potential model for further development opportunities across New York City.
— Holden Walter-Warner
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