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Brodsky acquires Avery Hall’s Gowanus development

NEWS 499 President TRD
The Real Deal Staff

The Brodsky Organization has picked up a post-rezoning development in Gowanus from Avery Hall Investments, which will retain a stake in the project.

The deal is for a 350-unit project at 499 President Street, Crain’s reported. The mixed-use development will span 322,000 square feet, including 20,000 square feet of ground-floor retail space.

SLCE Architects is handling the design work. M&T Bank and Bank of New York provided a $155 million construction loan to the project, which is expected to be completed in the spring of 2025.

Avery Hall initially partnered with Tavros Holdings and Charney Development & Construction to buy the site — along with several others — for $55 million in 2018. Upon buying the adjacent parcels,  the companies agreed to develop them separately. At the time, Avery Hall was eyeing a residential and commercial project at its site.