Hudson Companies Files for Affordable Housing in Gowanus

The Gowanus rezoning is the gift that keeps on giving in the Brooklyn neighborhood.

Hudson Companies filed plans for a 302-unit, 274,000-square-foot residential building at 20 Fifth Street in the Brooklyn neighborhood, PincusCo reported. Chief operating officer Sally Gilliland filed the plans through a limited liability company.

The property is slated to include a resident lounge, a party room, a courtyard, a rooftop terrace and coworking space. Marvel Architects is set to design.

The most critical feature of the development, however, may be that every unit in the project will be set aside for affordable housing. It’s unclear what level of affordability is being targeted within the development.

Hudson did not immediately respond to a request for comment from the Commercial Observer.

Elsewhere in Brooklyn, David Kramer’s firm previously scored $135 million in construction financing from Santander and an affiliate of Related Companies for a project at 975 Nostrand Avenue in Crown Heights. The mixed-use project, planned for nine stories and 328 apartments, included at least 30 percent affordable housing as the firm met the 421a tax abatement deadline.

Meanwhile, Gowanus remains a hive for real estate activity. Developers began flooding into the neighborhood following the 2021 rezoning, a move that was expected to add more than 8,000 apartments to the area over the span of a decade.

In December, John Usdan’s Midwood Investment & Development secured $200 million in construction financing for its project at 200 Douglass Street. Affinius Capital provided the loan for the 21-story, 276-unit project at the corner of Douglass and Bond streets, a development expected to include 20,000 square feet of retail space on the ground floor.

One month earlier, David Tabak acquired a development site at 563 Sackett Street for $58.5 million. Tabak is looking at a 12-story, 350-unit residential building at the full block between Third Avenue and Nevins Street; the site allows for a 259,000-square-foot development and is zoned for residential and commercial use.

— Holden Walter-Warner