Ailanthus has filed plans to build 400 apartments at 424 Hoyt Street in Gowanus, Brooklyn, according to a rezoning application submitted to the New York City Department of City Planning. This proposed development is part of the ongoing transformation of Gowanus, an area known for its industrial past, which is now experiencing a significant period of growth and development.
The proposed 17-story, 175-foot-tall building would include 100 to 120 affordable units, catering to a pressing need in the city. These affordable units will be distributed across the building, ensuring a mix of income levels within the development. In addition to residential units, the building will also house a 46,000-square-foot public school, which will provide much-needed educational space in the area, and 14,000 square feet of commercial retail space, contributing to the neighborhood’s business world.
Two Trees Management acquired the property in July 2008 for $7.7 million. The property, currently home to a one-story automotive repair building and a vehicle storage facility, holds a significant amount of potential. With a buildable square footage of 91,800, the site offers ample space for the proposed development. Ailanthus, under the leadership of Ofer Cohen, Vivian Liao, and Tucker Reed, holds a ground lease at the site from Two Trees, allowing them to bring their vision to life.
The application still requires several approvals before construction can commence. This process involves various steps, including reviews by city agencies and community boards, ensuring that the project aligns with local needs and regulations. Ailanthus has engaged with the community, working with local stakeholders to gather feedback and address concerns.
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“While Gowanus contributed thousands of units in the last few years, Community Board 6, which encompasses Gowanus, was identified as one of three districts in Brooklyn with the least access to affordable homes,” a spokesperson for Ailanthus told Commercial Observer. This statement highlights the need for continued affordable housing development in the area to meet the demands of the community. According to a Mamdani administration report, New York City needs roughly 700,000 new housing units over the next decade, with a significant portion of these being affordable units to address the city’s housing crisis.
Gowanus has seen significant development since the area’s rezoning plan passed in November 2021, following a 2013 environmental cleanup effort. Recent projects in the neighborhood include the Gowanus Wharf campus, 544 Carroll Street and 499 President Street. These developments, along with the proposed project at 424 Hoyt Street, demonstrate the area’s evolution and commitment to creating a mix of housing types to serve various income levels.
Two Trees Management declined to comment on the filing, allowing Ailanthus to lead the conversation around this proposed development and its role in shaping the future of Gowanus.
