Gowanus a target of mini-land run
55 Properties Trade Since January 2011
The opening of Whole Foods at 3rd Avenue and 3rd Street on Dec. 17 has put Gowanus in the spotlight, but its arrival is only one important part of a larger transformation underway.
In recent years, Gowanus has been the target of a mini-land run and every day it seems additional projects and sales are being announced.
Since the beginning of 2011, 55 properties valued at nearly $260 million have traded in the area. Through October of this year alone, 27 properties valued at more than $130 million were sold, which, when compared to six sales valued at more than $65 million in 2011, is a 350 percent increase in property sales and a 100 percent increase in the value of those trades. While a couple of the sales were for new multifamily buildings on Fourth Avenue, others were for vacant lots or under-used sites that will be transformed into residential buildings, hotels, office and retail stores, or rehabbed facilities for artists and recreation.