As New York City Faces Lowest Vacancy Rate in Six Decades, Governor Hochul Advances 18 Proposals to Build More Than 5,300 Units of Housing, Including Affordable Housing, in Gowanus

 

Projects Stalled by the Expiration of 421-A Set to Move Forward Following Governor’s Executive Action – Creating More Than 1,400 Affordable Units

Governor Also Announces Groundbreaking for 654-Unit Development at 320 and 340 Nevins Street – Renderings Available Here

Governor Launched Bold Executive Action To Address The Housing Crisis Last Year, Proposing Strong Legislative Solutions To Housing Crisis In This Year’s Executive Budget

Governor Kathy Hochul announced that 18 new housing developments will move forward under the Gowanus Neighborhood Mixed Income Housing Development Program, unlocking more than 5,300 units of housing, including more than 1,400 affordable units in the Gowanus section of Brooklyn. Governor Hochul launched the program last year to save thousands of units stalled by the expiration of 421-A as part of a package of Executive Actions to increase New York’s housing supply. The Governor also announced today the groundbreaking of 320 and 340 Nevins Street – a 654-unit project, including 154 affordable units, being developed by Charney Companies and Tavros Holdings and one of the first projects to move forward under the program.

“After years of stalled construction, we’re putting more than 5,300 new homes back on track and unlocking Gowanus’ housing potential,” Governor Hochul said. “New Yorkers are facing the lowest vacancy rates in six decades while costs continue to rise — they can’t afford to wait for solutions to the housing crisis. The only way to fix this crisis is to build our way out, and until we have a statewide solution, I will keep working to give Mayor Adams and leaders across our state the tools they need to let them build.”

Governor Hochul announced the Gowanus Neighborhood Mixed Income Housing Development Program last year to facilitate the development of housing, including affordable housing, in New York City. The program is aimed at targeting specific benefits and affordable housing obligations in line with the now-expired 421-a tax law for development proposals currently vested under 421-a and capitalize on a local 2021 rezoning covering 82 blocks to accommodate housing growth in Gowanus.

The program, which is being overseen by Empire State Development, is moving forward with 18 individual project sites, whose applications were received last fall. Each individual site’s participation in the program will be considered and voted on by the ESD Directors, followed by Public Authority Control Board review. A full list of projects is here.

320 and 340 Nevins Street is a combined 505,000 square foot mixed-use two tower development situated on 2.3 acres fronting the canal in Gowanus. The project includes ground floor retail space in addition to the more than 650 residential units. The site it is part of the Gowanus Public Access Area and within proximity of public transportation. The project was designed by Fogarty Finger Architects with design and landscape elements done by James Corner Field Operations. Many projects in the Gowanus area, including 320 and 340 Nevins Street, are being facilitated by the Department of Environmental Conservation’s successful Brownfield Cleanup Program, which incentivizes the revitalization of former brownfield sites to protect public health and the environment and support economic development, including construction of affordable housing and other productive reuse.

Governor Hochul’s Housing Agenda

These efforts build on Governor Hochul’s commitment to addressing New York’s housing crisis to make the state more affordable and more livable for all New Yorkers – including by making it easier to build housing in New York City. As part of her FY 2025 Executive Budget, the Governor proposed legislation to incentivize the construction of new housing, including affordable housing; encourage office conversion projects to include affordable housing; allow the City to exceed the floor area ratio cap where appropriate; and legalize existing basement and cellar apartments. The Governor also proposed a $500 million fund to create up to 15,000 units of housing on state-owned land, including SUNY properties and other sites.

Last year, Governor Hochul unveiled the Creedmoor Community Master Plan to redevelop 58 acres of underutilized land at the Creedmoor Psychiatric Center campus in Queens into a vibrant community with more than 2,800 new homes. The Governor also announced a proposal to transform the former Lincoln Correctional Facility in New York City into a mixed-use development with 105 units of affordable housing, as well as requests for proposals to redevelop the former Bayview Correctional Facility and Javits Center's Site K in Manhattan as potential housing.

Governor Hochul also signed legislation to build and preserve affordable housing in New York City by authorizing New York City to adopt a new affordable housing rehabilitation program to replace the former J-51 program; giving New York City more flexibility to provide loans and grants for affordable housing and other related investments; and increasing the New York City Housing Development Corporation's bonding capacity.