Massive Gowanus development will be 100% affordable

Gowanus Green’s 950 apartments will all be below-market-rate

New York /
Nov.November 20, 2020 04:05 PM

A rendering of Gowanus Green and HPD commissioner Louise Carroll (Rendering via Jonathan Rose Companies)

A rendering of Gowanus Green and HPD commissioner Louise Carroll (Rendering via Jonathan Rose Companies)


Gowanus Green, a massive residential complex planned for the industrial Brooklyn neighborhood, is going fully affordable.

The de Blasio administration announced Thursday that the complex’s 950 residential units will all be below-market-rate, Crain’s reported. Previously, around 26 percent of its units were due to be reserved as market-rate.

“Given the dwindling supply of city-owned land, especially in high-opportunity neighborhoods such as Gowanus, the city decided to maximize the amount of affordable housing we can create at this large scale site,” said Louise Carroll, the commissioner of the city’s Department of Housing Preservation and Development.

Carroll told Crain’s that the project, which has been in the works for more than a decade, is an anchor for the Gowanus rezoning.

Gowanus Green, located on a site at Smith and Fifth streets near the Gowanus Canal, will prioritize housing for those who are considered low- and very low-income, or with an annual income of about $51,200 for a family of three. No more than 40 percent of its units will be for households earning $81,920 to $122,880 annually for a family of three. Additionally, 15 percent of its units reserved for the formerly homeless, the city said.

The broader Gowanus rezoning could create 5,000 new units of market-rate housing and 3,000 new units of affordable housing, providing homes for an estimated 20,000 new residents.

The city is limited in what it can promise as a result of rezoning projects, like the one it has proposed in Gowanus, because private developers ultimately decide what is economical. However, Gowanus Green will rise on city-owned land, giving the de Blasio administration more authority over what can be built.

In addition to the 950 apartments, Gowanus Green is due to bring a number of community benefits to the neighborhood, including a public school, a park, community space and retail.

[Crain’s] — Orion Jones


Related Articles

arrow_forward_ios
Southampton Village mayor Jesse Warren (Getty Images, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Southampton Village allows owners to collect summer’s rent upfront
Southampton Village allows owners to collect summer’s rent upfront
G4 Capital's Robyn Sorid and a rendering of 313-315 Bond Street (G4 Capital, LinkedIn/Robyn Sorid)
Rabsky Group scores $92M loan for big Gowanus project
Rabsky Group scores $92M loan for big Gowanus project
Ben Shaoul and 1457 North Main Street (Getty, LoopNet)
Ben Shaoul plans 376-unit complex near L.A.’s Chinatown
Ben Shaoul plans 376-unit complex near L.A.’s Chinatown
331 Elmora Avenue and 103 Ryan Street (Kislak Realty)
Tri-state deal roundup: Multifamily, industrial still hot
Tri-state deal roundup: Multifamily, industrial still hot
From left: Vice Media CEO Nancy Dubuc, Rudin’s CEO and co-chairman Bill Rudin, and Dock 72 (Getty Images, S9 Architecture, Rudin Management, iStock)
Vice scraps move to Rudin’s Dock 72
Vice scraps move to Rudin’s Dock 72
Adam Leitman Bailey, Y. David Scharf, and Miki Naftali with 215 West 84th Street (Adam Leitman Bailey, Morrison Cohen, Getty)
Naftali lays out project as holdout tenant plays new card
Naftali lays out project as holdout tenant plays new card
Seth Boyden Court in Newark NJ with Great Point Studios CEO Robert Halmi (Loopnet, Great Point Studios, iStock)
Film studio to replace vacant public housing in Newark
Film studio to replace vacant public housing in Newark
Gary LaBarbera, James Whelan, Eric Adams, Tiffany Cabán and Kathy Hochul (Getty, iStock / illustration by Ilya Hourie for The Real Deal)
Council backs off sabotage of 421a
Council backs off sabotage of 421a
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...