New development filings take over recently rezoned Gowanus

Since the City Council approved Gowanus rezoning last November, new development projects have been flooding the neighborhood. 

The Gowanus zoning plan is estimated to bring approximately 8,500 new residential units, including 3,000 affordable. So far, real estate developers have submitted at least 21 projects with about 5,300 additional residential units, Crain’s New York reports. 

The centerpiece of Gowanus rezoning is Gowanus Green, a 100 percent affordable housing project. The development promises to create 950 new housing units on the city-owned land located on the corner of Smith and 5th Streets. At least half of Gowanus Green rental housing will be set aside for households with incomes at or below 50 percent of the area median income (AMI), or approximately $59,650 for a family of four. 

Anya Levitov of Verus Real Estate is a long-time opponent of 100 percent affordable housing projects, which create segregated schools, neighborhoods without stores and other basic services, and other negative externalities.

Other major Gowanus projects include two towers with 660 residential units by Tavros Capital and Charney Cos. The duo purchased the development site near Gowanus Canal for $102 million, which became the largest Brooklyn residential site transaction in 2021, according to New York Business Journal. In total, Tavros Capital and Charney Cos. are planning to build three development projects with 1,135 residential units. 

The list of major property developers planning to build new housing in the neighborhood also includes an NYC-based real estate firm Orange Management and a multifaceted real estate company The Vorea Group. 

The completion dates for the majority of projects have not been announced yet because many lots still require demolition. However, according to New York YIMBY, the construction of a 17-story mixed-use building at 374 Fourth Avenue will be completed by the third quarter of 2024. 

To access the full Gowanus projects map, click here. 

Resources:

“Here’s where the major projects planned for Gowanus will be,” by Eddie Small and Amanda Glodowski (Crain’s New York, 2022)

“Gowanus Neighborhood Plan,” (NYC Planning)

“HPD Announces 100 Percent Affordable Housing Project in Gowanus,” (NYC Housing Preservation & Development, 2020)

“Gowanus development site sold for $102 million,” by Leonard A. Robinson (New York Business Journal, 2022)

“Permits Filed For 17-Story Tower At 374 Fourth Avenue In Gowanus, Brooklyn,” by  VANESSA LONDONO (New York YIMBY, 2021)