Wednesday, December 15, 2021

Gowanus rezone approval spurs luxury public housing over-development blowback


The Real Deal 

 Developers have filed plans to build three more largely residential buildings in recently rezoned Gowanus.

Rabsky Group affiliate Galaxy Developers and Monadnock Development each submitted plans for a 22-story building with approximately 300 residential units at 395 Carroll Street and 155 3rd Street, respectively. Avery Hall Investments put in paperwork to build nearly 200 units at 653 Union Street.

A steady flow of Gowanus developments have been filed since October, when it became clear the rezoning would pass.

But that is not the only reason that project filings are piling up at the Department of Buildings. The scheduled expiration of 421a, a generous property tax break for residential construction, in June is prompting developers to get their foundations in the ground by then.

Largavista Companies filed plans to build a 46-story tower with 518 residential units at 30-05 Queens Boulevard in Long Island City. The building will span about 474,000 square feet.

Howard Hughes filed its application to build at 250 Water Street after slogging its way through the Landmarks Preservation Commission and City Council as opponents complained that the project is too tall.

The building clocks in at 26 stories with 324 residential units and 160,000 square feet of commercial space. The site, which abuts the high-rent Financial District, has been a parking lot for decades, despite several attempts to develop it.

Also in Queens, Albert Shirian’s Lions Group filed plans to build a 49-story tower with 363 residential units at 26-32 Jackson Avenue. The company secured construction financing for an adjacent residential project at 27-01 Jackson Avenue with 164 units across 27 stories, the Commercial Observer reported.


Anonymous said...

If you don't like glass boxes, then you ain't a Democrat!

Anonymous said...

If you don't like development, you must be a commie.