November 29, 2017

City will likely have to shell out at least $70 million for pair of Gowanus parcels

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Crain's New York

As part of Gowanus Canal cleanup efforts in 2015, city officials decided to bury a sewage retention tank beneath a pair of private properties along the water, rather than under a pool in a park across the street. That choice is becoming costlier by the day as the proposal makes it way through the public review process.

“Anytime it looks like there will be a rezoning, two things happen: There is a tremendous amount of speculation as buyers flood the market, and there is this paralysis for sellers, who want to wait for the rezoning to actually happen so they can reap the benefits,” said Dan Marks, a partner at TerraCRG.

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