Ailanthus, a developer specialising in affordable and mixed-income housing, has submitted a rezoning application to the New York City Department of City Planning. The aim is to construct a 17-storey, 175-foot-tall, mixed-use residential development at 424 Hoyt Street in Gowanus, Brooklyn. The submission was made on 4 September 2026.
If approved, the building would comprise 400 residential units, 100 to 120 of which are designated as affordable housing. Additionally, a 46,000 square foot public school and 14,000 square feet of commercial space are planned, according to the application documents. The application must still undergo several stages before final approval can be granted.
Background and Necessity
A spokesperson for Ailanthus commented to Commercial Observer: “As mentioned in the recently published Mamdani administration report, New York City needs to create 700,000 new housing units over the next decade. While Gowanus has contributed thousands of units in recent years, Community Board 6, which includes Gowanus, has been identified as one of three districts in Brooklyn with the least access to affordable housing, setting a target for thousands more units to be created there.”
Two Trees Management acquired 424 Hoyt Street in July 2008 for US$7.7 million, according to property records. Ailanthus, led by Ofer Cohen, Vivian Liao, and Tucker Reed, holds a ground lease for the property from Two Trees. The site currently houses a single-storey automotive workshop and a vehicle storage facility, with a permitted developable area of 91,800 square feet. Two Trees Management declined Commercial Observer's request for comment.
Gowanus in Transition
Gowanus has been undergoing profound change since the beginning of its rezoning plan, not to mention an environmental clean-up plan launched in 2013, which aims to transform one of the city's formerly grittiest neighbourhoods. The 82-block rezoning plan was adopted in November 2021. Several luxury and affordable housing projects have already been completed in Gowanus.
- —The Gowanus Wharf Campus
- —544 Carroll Street
- —499 President Street
The new housing plans also appear to be part of Mayor Zohran Mamdani's goal to add approximately 700,000 new homes in New York City over the next decade.
