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| Joy Ryoo |
NEW YORK, NY /PRNewswire/ -- 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").
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| PLANNED: 374 Fourth Avenue will be part of a class-A mixed-use residential development located in the Gowanus neighborhood of Brooklyn, NY |
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.
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| Rob Vahradian |
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.
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| Ed McDowell |
"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.
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| Tim Quinlan |
Tim Quinlan, Principal at QDG, said, "We look forward to breaking
ground on our latest multifamily building, and are excited to take this on with
our partners at GTIS, who also have a long track record of successful projects.
"The city is in a housing crisis and we are proud to be a part of offering new and needed housing."
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| Chris Niederpruem |
The Project is one of 15 committed investments made to date by the GTIS
Qualified Opportunity Zone Fund, comprising approximately 2,500 multifamily
units, 460 single-family rental units, 2.0 million square feet of industrial
logistics space and 430 student housing units.
Predecessor GTIS funds invested $180 million of equity in seven additional deals located in Opportunity Zones, all of which are now fully realized.
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| Juan Vives |
"Quinlan Development is highly respected across the Greater New York
metropolitan area for multi-generational investing and the quality of its
developments," said Chris Niederpruem, Managing Director and Group
Head for CIT's Real Estate Finance business.
"We have a strong established relationship with the team at Quinlan,
specifically when it comes to multifamily development in Brooklyn, and are
proud to be a part of this project while continuing to support their business
plan," said Juan Vives, a managing director in Real Estate Finance.
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| Christopher Peck |
About Quinlan Development Group
Quinlan Development Group, founded in 1971, is a multi-generational private
investment and development company specializing in value-add real estate
opportunities.
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| Peter Rotchford |
Quinlan Development Group has developed approximately 3.5 million square feet of real estate across mixed-use multifamily rentals, luxury condominiums, self-storage, RV campgrounds, industrial and office – as well as financing numerous other projects.
About GTIS Partners
GTIS Partners is a global real estate investment firm in the Americas,
headquartered in New York with offices in São Paulo, San Francisco, Los
Angeles, Atlanta, Charlotte, Paris and Munich.
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| Nicco Lupo |
The firm manages $4.3 billion in real estate and is active across a wide range of real estate sectors including single-family and multifamily housing, office, industrial/logistics and hospitality as well as opportunity zone investments.
The firm invests at various points in the capital structure including credit, common equity and structured equity.
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| Jeff Julien |
In Brazil, GTIS is among the largest real estate private equity firms with holdings including office, residential, logistics, and hospitality investments.
Marquee assets developed by GTIS Partners in São Paulo include the Infinity office building and Palácio Tangará, a five-star resort style hotel.
About CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in
the United States, continuing a unique legacy of strength, stability and
long-term thinking that has spanned generations.
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| Rob Hinckley |
The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast.
First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets.
Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. .
Contacts
GTIS Partners
Mary Beth Grover / Keely Gispan
ASC Advisors
(203) 992-1230
mbgrover@ascadvisors.com
Eli Kapsack
Associate
ASC Advisors LLC
Tel: 203 717 0404
Cell: 415 515 3766
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