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By Accord Real Estate Group

Development Projects in Gowanus Move Forward

June 4th 2023
Tags: Real Estate News, All about Brooklyn New York, Brooklyn Real Estate

There are several large residential development projects in the works in Brooklyn's NY Gowanus neighborhood. We will highlight 2 of those projects in this blog.

Unfortunately, there are unfinished projects in Gowanus and other Brooklyn neighborhoods that are in jeopardy since the 421a tax abatement expired. The extension of 421a to a 2026 deadline will not be enough time for these projects (which have a significant affordable housing component) to be completed. A further extension of 421a to 2030 is being sought. 

Today, there are 2 very exciting luxury residential projects moving forward in Gowanus.

Developer Domain Companies is topping out on the tallest of 2 buildings at 420 Carroll Street, a two tower residential project designed by FXCollaborative. The towers are a 20 story and a 15 story with 360 units of which 25% will be reserved for affordable housing. Part of the project will be 27,500 square feet of retail space and 7,700 square foot public promenade alongside the Gowanus Canal.

The project team also consists of Studio Mainer Interior Designer, Scape Landscape architect and Mega Contracting Group, the General Contractor.

Topping out of the 15 story tower should be done by early June. Envelope and Facade installation are the next phases of the project. There will be a gently sloped boardwalk lined with wooden railings that wrap around the southwestern corner of the property. Also featured are new trees, landscaping, ADA accessible ramps, stone seating, multi tiered lawns and retail frontage between the 2 buildings. Residential amenities include co working space, a lounge, multiple outdoor spaces, a fitness center, a children's playroom and bike storage. The R train is close by at Union Street and 4th Avenue.

This project is aiming for LEED Platinum certification. Completion is expected by Spring 2025.

The 2nd big project in Gowanus is being developed by Property Markets Group and designed by SLCE Architects.

 Two 21 story residential buildings at 267 Bond Street and 498 Sackett Street (bound by DeGraw Street to the North, Sackett Street to the South, The Gowanus Canal to the East and Bond Street to the West) will yield 594,000 square feet consisting of 517 residential units and 52,000 square feet of commercial space. Urban Atelier Group is the general contractor.

267 Bond Street is planned for 364,000 square feet, with 344 residential units and 32,000 square feet of commercial space. 498 Sackett Street is planned for 230,000 square feet with 173 residential units and approximately 20,000 square feet of commercial space.

A public waterfront esplanade is planned with raised garden beds, wooden tables and seating and landscaping along the eastern side of the Gowanus Canal. Amenities included will be a lobby restaurant/bar, a gym, co working lab and a sky pool with a deck.

The R train at Union Street and 4th Avenue is the closest subway stop.

Construction is planned to be finished by early 2025.

If you are interested in selling your property or you know someone who is planning to sell their New York or Brooklyn property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.

We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.

Thank you,

Accord Real Estate Group

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