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By Accord Real Estate Group

Brooklyn's Gowanus Neighborhood Rezoning Approved

February 6th 2022
Tags: Real Estate News, All about Brooklyn New York

On November 12th 2019 we blogged about the perspective, highly anticipated rezoning of Gowanus that would bring 8,200 new apartments to this wonderful Brooklyn neighborhood by the year 2035.

The City Council has finally passed a vast rezoning that will bring an estimated 8,200 new apartments, including 3,000 affordable units to an 82 block swath of Gowanus by 2035.

This rezoning approval signals a shift: Instead of redeveloping a low income community of color, the city is bringing new density to a more affluent neighborhood with the expectation the rezoning will bring more diversity to the area.

Developers have been buying up and land banking industrial properties in Gowanus over the last 10+ years set on transforming the Gowanus Canal area into the Venice of Brooklyn. The neighborhood will be reoriented toward the waterfront where plans for a new network of public esplanades, parkland and plaza space with shops and eateries along new streets will take shape. The rezoning of Gowanus will remake the neighborhood and the community.

Some big projects planned are:

Gowanus Green, the city's big affordable housing project planned as a 6 building residential complex built on a 5.6 acre vacant lot along the canal. All 950 apartments will have below market rents.

Developer Avery Hall has 2 projects planned: 272 Fourth Avenue and 204 Fourth Avenue. Both projects involve working with the MTA for Air Rights in exchange for building the city a new subway entrance with an elevator atop the Union Street R station.

473 President Street/ 514 Union Street. This is a Avery Hall's mega project that will require remediation before construction begins. The site is contaminated with tar coal from the canal. The finished product will include approximately 300 mixed income apartments and commercial spaxce for shops and offices.

404 Carroll Street a 360 unit mixed use development from Vorea Group will be among the tallest new projects in the neighborhood.

540 Degraw Street is another Vorea Group project where plans have been filed for an 11 story mixed use building including 268 apartments, retail and office space.

267 Bond Street is an assemblage that Property Markets Group has purchased which is the size of nearly 2 football fields on the western banks of the canal. No plans have been filed yet but PMG will most likely build apartments.

553 Sackett Street is part of  Domain Properties land banking industrial properties acquisitions near the canal from 2017. They will reshape these properties into hundreds of new apartments with retail shops.

Quinlan Development Group has a project planned at 340 4th Avenue.

Tavros Capital & Charney Companies have a project planned for 577 Union Street as well as a project planned for 251 Douglas Street.

The Orange Management Firm has filed plans for a project at 129 3rd Street.

Many more to come!

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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