The Real Deal New York

Gowanus to become residential haven?

May 12, 2010 12:45PM

Gowanus, the Brooklyn neighborhood long-derided for its toxically polluted Gowanus Canal, could sustain an extra 1,500 to 2,000 residential units, industry experts say, once the Environmental Protection Agency-mandated canal cleanup goes through, according to the Brooklyn Paper. Of course, this residential rebirth could take years and millions of dollars, with conservative estimates pegging the canal cleanup cost at $400 million. Insiders say the cleanup effort could take a decade or longer. The decision to name the Gowanus Canal a superfund site in February has been controversial, with some saying that the label unfairly stigmatizes the neighborhood. In a study released by Baruch College’s Steven L. Newman Real Estate Institute today, around 13 percent of usable land surrounding the canal is lying vacant. [Brooklyn Paper] and [Crain’s]

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