City releases proposal to revamp Gowanus 

Framework include upzoning Fourth Avenue 

TRD NEW YORK /
Jun.June 05, 2018 10:20 AM

Mayor Bill de Blasio and Gowanus (Credit: Wikipedia)

The city has released its proposal to encourage more residential development in Gowanus, an effort that officials hope will be a prelude to rezoning the neighborhood.

As part of the proposal, Fourth Avenue would be upzoned to encourage redevelopment of the busy thoroughfare and would make the city’s mandatory inclusionary housing program applicable to the area, Politico reported. In exchange for the zoning change, owners would be required to build affordable housing. Fourth Avenue was rezoned back in the Bloomberg administration but didn’t include an affordable housing component.

“The proposed upzoning is perfectly appropriate for a wide street on top of a four-track subway,” said Stephen Smith, co-founder of real estate tech startup Quantierra. “Nearby brownstone owners won’t be pleased, but zoning for more development on Fourth Avenue is a necessary corrective to half a century of no-growth planning in Park Slope, which has sent a wave of demand and displacement crashing over the rest of Brooklyn.”

Funding for the New York City Housing Authority isn’t specifically defined in the proposal — a previous concern among critics — but it does say the city will consider improvement opportunities at the Gowanus Houses, Wyckoff Gardens and Warren Street Houses.

A rezoning proposal is expected sometime next winter. [Politico] — Kathryn Brenzel


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Mayor Bill de Blasio (Credit: Getty Images)

Cuomo expects NYC to take lead on property tax reform

(Illustration by Dave Murray)

The squeeze on resi brokerages is forcing consolidation, cooperation

From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

arrow_forward_ios
Loading...