130 2nd Street, Brooklyn, NY, 11231

130 Second Street

Asset description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of 130 Second Street (the “Property”), a trophy multifamily asset situated in the heart of Gowanus, Brooklyn. Delivered in 2025, the Property features 132 residential units spanning 13 stories. The 11,899 rentable square feet of at-grade retail, which has LOI’s on ~50% of total space, complement the residential tower, aligning with the ongoing revitalization of the Gowanus submarket. 130 2nd Street has 75% market-rate units and 25% affordable units, benefiting from the 421a (16) tax exemption, which provides 35 years of significant tax savings. The Property features condo-quality construction and amenities, such as a landscaped rooftop terrace, a double-height fitness center, and co-working spaces, complemented by units with floor-to-ceiling windows, high ceilings, stainless steel appliances, and in-unit laundry.

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Attributes

Units

132

Year built

2025

Rentable area

104,875 sf

Media

Investment highlights

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.