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Looming end of tax break triggers real estate “hunger games”

Developers made a gamble in Gowanus in November, likely to avoid an even bigger risk: paying real estate taxes for the next 25 years.

More than three weeks before the city approved a contentious rezoning in the Brooklyn neighborhood, Domain Companies and the Vorea Group filed plans for two projects totaling 628 apartments. Both sites were, at the time, limited to manufacturing use.

A few days later, Property Markets Group filed plans for a 344-unit, mixed-use building at 267 Bond Street.

The Real Deal

Photo by Chris Schippers from Pexels

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