NEW YORK CITY—Kushner Companies and LIVWRK are incontract to buy a block-long development site in Gowanus for$70 million to $80 million, according to the RealDeal.

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The site, located at 175-225 Third St., allows for acommercial mixed-use project of up to 300,000 square feet but couldeventually be rezoned for a residential mixed-use project of morethan a million square feet, a source familiar with the off-marketdeal tells the Real Deal.

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The three-acre development site offers about 600 feet offrontage and will allow for about 150,000 square feet of retail,the source reveals. The property is located across the street fromthe recently opened Whole Foods Market and is close to theLightstone Group's 700-unit rental development at 363 Bond St.. Theseller, listed in property records as 175 Third Street Associates,is a family that owned the property for more than 60 years,the source reports.

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Neither LIVWRK CEO Asher Abehsera nor representatives forKushner Cos. returned requests for comment by press time. Says arearetail broker Peter Ripka, of Ripco Real Estate, “In the shoppingcenter world, having Whole Foods as an anchor is like going to theball with one of the belles.”

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The joint venture is not the first time the firms have workedtogether. Last summer, the partnership teamed up with RFR Realty andInvesco Real Estate to purchase the Watchtower Bible and TractSociety of New York Inc. portfolio—spanning 1.25 million squarefeet—for $375 million in Brooklyn's biggest deal. The transactionwill give rise to Dumbo Heights, an office campus geared towardsBrooklyn's emerging technology, advertising and media sector.

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Just last month, the Watchtower buildings inked a lease with Etsy for 200,000 square feet. The onlinemarketplace for handmade and vintage goods will be the anchortenant in the six-building complex.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.