Will the Gowanus rezoning be what developers hoped?
July 01, 2018 01:00PM
Rezoning Gowanus has been on the agenda of developers and politicians alike for a decade. As a result, investors have paid what many saw as speculative prices for land up for rezoning. And one-third of the 130 properties along the coveted, albeit polluted, Gowanus Canal have traded hands over the past decade, according to a study by DNAinfo last year. Although rezoning efforts are still in a nascent stage, prices keep climbing. For example, Kushner and SL Green Realty paid $70 million for a 140,000-square-foot property in 2014. This spring, Aby Rosen’s RFR Realty bought the parcel from them for $115 million. Meanwhile, home prices rose 7.2 percent in 2017 and are expected to increase 8.8 percent in 2018, according to Zillow. The median listing price is $1,107 per square foot."
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See link below for the rest of this article:
https://therealdeal.com/issues_articles/will-the-gowanus-rezoning-be-what-developers-hoped/
After nearly a decade of uncertainty, a new proposal outlines the neighborhood’s residential and commercial needs — and condos aren’t on the wish list
(edit)
See link below for the rest of this article:
https://therealdeal.com/issues_articles/will-the-gowanus-rezoning-be-what-developers-hoped/
