459 Smith Street

Toronto-based real estate investment trust (REIT) H&R REIT, through its subsidiary Lantower Residential, has acquired a development site in Gowanus, Brooklyn, for $76.5 million. The property, located at 459 Smith Street, was purchased from an entity backed by Yoel Goldman of All Year Management. The deal involved the transfer of a 25% stake to the seller, Goldman’s Smith Street Owner LLC. The site, also known as 477 Smith Street, falls within the Gowanus area rezoned by the city in November 2021 for higher density mixed-use development. The property is one of 18 projects in Gowanus eligible for the 421a property tax break alternative under Gov. Kathy Hochul’s pilot program