Goose Property Management to Acquire Vacant Lot in Gowanus, Brooklyn

Yitzchok Katz's Goose Property Management to Acquire Vacant Lot in Gowanus, Brooklyn

Real estate developer Yitzchok Katz, CEO of Goose Property Management and son-in-law of Rabsky Group partner Isaac Rabinowitz, is finalizing the acquisition of a vacant lot at 172 Third Avenue in Gowanus, Brooklyn from the Elo Organization. The deal, valued at about $7.8 million and signed in March 2023, is anticipated to be completed by October 2023. This development site is situated within the Gowanus area, which underwent rezoning in late 2021 to facilitate expanded residential development. Katz has been overseeing Rabsky buildings comprising 1,500 apartments since 2021.

Key Takeaways

• Yitzchok Katz's Goose Property Management is in the process of purchasing a Gowanus development site from the Elo Organization.
• The site at 172 Third Avenue falls within a significant rezoned area, allowing for increased residential development.

Analysis

The potential acquisition by Yitzchok Katz's Goose Property Management signifies a shift in residential development in Gowanus following the 2021 rezoning. This $7.8 million deal could significantly impact Katz's portfolio, particularly his management of Rabsky Group's 1,500 apartments. Notably, the sale may also bring financial benefits to the Elo Organization. However, the rapid increase in residential development could lead to socio-economic changes within the Gowanus community, potentially impacting local businesses and residents. Furthermore, intensified competition may pose challenges for smaller real estate developers. On a larger scale, this acquisition has the potential to reshape Brooklyn's real estate landscape, highlighting the importance of thorough urban planning and community involvement.

Did You Know?

• Goose Property Management: A real estate development and property management company established and headed by Yitzchok Katz, known for its management of large residential developments and its ongoing acquisition of a development site in Gowanus, Brooklyn.
• Gowanus area rezoning: In late 2021, the Gowanus area underwent rezoning to enable increased residential development, creating new opportunities for real estate developers to construct additional housing units in the neighborhood.
• Elo Organization: A business entity owning the vacant lot at 172 Third Avenue in Gowanus, Brooklyn, and selling this development site to Goose Property Management for approximately $7.8 million.