PMG Closes on Gowanus Development Site, Maxim Capital Group Lends $19M
By Cathy Cunningham March 23, 2021 11:30 am
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Property Markets Group has closed on its acquisition of a large development site in the Gowanus neighborhood of Brooklyn, Commercial Observer has learned.
Maxim Capital Group provided $18.5 million in financing for the deal, which encompasses acquisition, building and project loans, sources said.
The site, which comprises 267 Bond Street, 495 Sackett Street and 498-510 Sackett Street, totals 100,251 square feet.
PMG has had a purchase option on the site since 2014 from local seller Sergio Allegretti. As the Gowanus rezoning Uniform Land Use Review Procedure (ULURP) process is now progressing, PMG finally pulled the trigger on the acquisition and took title on March 12. Under the new zoning rules, PMG would be able to nearly double the floor area ratio.
In January, the rezoning process was halted by Voice of Gowanus, which sued the Department of City Planning. The local community group alleged that online public hearings conducted on Zoom were illegal and inequitable. Earlier this month, Mayor de Blasio’s administration filed an executive order negating those claims and sought to dismiss the lawsuit.
Gowanus has been a hot spot for developers who see the area’s ample potential, including Two Trees Management and Lightstone Group. In 2019, Yoel Goldman’s All Year Management sold its site at 313-331 Bond Street — just down the street from PMG’s site — to Rabsky Group for roughly $90 million.
PMG and Maxim officials did not return requests for comment.
