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October 13, 2007
Residential Zoning Would Quadruple Prices, Creating Uncertainly Among Tenants
Brooklyn Daily Eagle
Sarah Ryley continues on the theme of artistic brain drain due to real estate prices in Brooklyn...
Bordered by the gentrified neighborhoods of Carroll Gardens, Boerum Hill and Park Slope, Gowanus has already proven to be a gold mine for a few lucky landowners, who recently sold to big-time developers like the Hudson Companies, Forest City Ratner, Toll Brothers, and the Lev Levine/Shaya Boymelgreen partnership.The rest are waiting until the Department of City Planning officially releases its rezoning proposal, expected to allow housing on many of the industrial blocks for the first time and more than quadruple the property values. Meanwhile, the uncertainty has created uneasy times for the manufacturing tenants and estimated 500 artists who rent space there, unable to sign long-term leases and unsure of where they would go next if forced out.
Posted by amy at October 13, 2007 7:46 AM