Quinlan Development Group (“QDG”), a multi-generational real estate investment company with a track record of developing over 3.5 million square feet of real estate and over one billion dollars of assets currently under management, and GTIS Partners (“GTIS”), a global real estate investment firm that manages approximately $4.3 billion in real estate with a U.S. focus on residential and industrial/logistics investments, announced today the formation of a joint venture and the acquisition of 374 4th Avenue for the development of a class-A mixed-use residential development located in the Gowanus neighborhood of Brooklyn, NY (the “Project”).
Once complete, the Project will comprise 197 units and 213,000 square feet across 17 stories, with ground floor retail and parking. The building will have a wide range of attractive amenities, including a fitness center, gaming and media lounge, co-working spaces, yoga studio, golf simulator and a furnished rooftop terrace with elevated views. The residences will be a mixture of one and two-bedroom units, with 88 units featuring private terraces or balconies.
The Project will qualify for the Affordable New York (“ANY”) program, which expired in June 2022, delivering a significant number of affordable rate units.
The site is located at the nexus of the Park Slope, Gowanus and Carroll Gardens neighborhoods, a few blocks from numerous subway lines, the significant dining and retail options of the Park Slope retail corridor and the green spaces of Washington Park and Prospect Park.
Rob Vahradian, Partner and Head of U.S. Investments at GTIS, said, “We are excited to partner with Quinlan, a highly-respected and experienced New York developer, and are looking forward to expanding our existing New York footprint in this venture with them.”
“This investment is another example of aligning our opportunity zone strategy with investing in areas with high growth potential, supporting increased economic development in underserved neighborhoods and managing our projects in an environmentally responsible way,” added Ed McDowell, Partner and Head of U.S. Acquisitions at GTIS. “We are pleased to participate in the various initiatives established by New York City to help bring additional market rate and affordable housing to Gowanus.”
Watch the full press release now at the link below