130 Second Street

Affordable New York / Supply Demand Fundamentals

The Property benefits from a brand new 35-year tax exemption, generating approximately $39 million in tax savings. The expiration of the Affordable New York program for all projects not vested prior to June 2022 has significantly reduced forward-looking supply across New York City. This lack of supply has further enhanced residential fundamentals in the Gowanus submarket, which has received billions in private and public investment.

Best-in-Class Product in Prime Gowanus Location

130 Second Street has achieved 70% of market rate lease up since January 2025, reflecting the superior quality of the product and the Property’s strategic location. As renters in neighboring submarkets seek more space, greenery, and proximity to the canal promenade, 130 2nd Street is well-positioned to capture overflowing demand for highly amenitized new product in a high-growth area. Additionally, the Property is located less than a 5-minute walk from Whole Foods, which is expected to generate a significant rent premium.

Differentiated Retail Co-Tenancy

The Sponsor has strategically positioned its ground floor retail space along 3rd Street to leverage neighboring Whole Foods co-tenancy, creating significant appeal to retail users. The 11,899 RSF has been subdivided into four spaces: Retail 1 (3,167 RSF), Retail 2 (1,139 RSF), Retail 3 (1,835 RSF), and GMU (5,758 RSF). This division will further amenitize the building, providing residents with immediate access to a diverse mix of retailers.

Superior Connectivity

130 Second Street boasts exceptional connectivity, offering residents convenient access to multiple transportation options. The property is strategically located within a short walk of several subway stations, including the Union Street (R) station and the Carroll Street (F, G) station, both less than 10 minutes away on foot.