Ailanthus Files Plans For 400-Unit Gowanus Development

• Ailanthus filed plans for a 17-story, 400-unit residential building at 424 Hoyt Street in Gowanus.
• The project is expected to include 100 to 120 affordable housing units, a 46,000-square-foot public school and 14,000 square feet of retail.rrenew
• The development would replace a one-story auto repair shop and vehicle storage facility.
• Ailanthus is targeting 10,000 new housing units over five years across New York City.

What The Gowanus Project Includes

Ailanthus is moving forward with plans for a major residential development in Brooklyn's Gowanus neighborhood. The joint venture filed plans for a 17-story building at 424 Hoyt Street that would bring 400 apartments to the site.

The proposed 175-foot-tall building would also include between 100 and 120 affordable apartments, along with a 46,000-square-foot public school and 14,000 square feet of retail space.

The project would transform a site currently occupied by a one-story auto repair shop and vehicle storage facility into a larger mixed-use development.

What Ailanthus Is Planning For Housing

The Gowanus filing is part of Ailanthus' broader effort to increase housing production across New York City. The firm was launched in 2024 by TerraCRG's Ofer Cohen and Totem's Vivian Liao and Tucker Reed, with a goal of adding 10,000 housing units over five years.

Rather than focusing only on sites that are already ready for construction, Ailanthus is pursuing properties that may require rezoning and significant community engagement. The firm has said it plans to work closely with local communities and elected officials to help move projects through the city's approval process.

The company's existing pipeline includes a 456-unit development at 1057 Atlantic Avenue in Crown Heights and a 181-unit project at 737 Fourth Avenue in Sunset Park.

What The Ground Lease Means For The Site

Ailanthus is developing the Gowanus property through a ground lease with Two Trees Management, which owns the site. Financial terms of the agreement were not disclosed.

Two Trees acquired the property nearly two decades ago for $7.7 million. The new development would significantly increase the amount of residential and community-serving space on the site while retaining the underlying ownership structure.

What Gowanus' Growth Means For Development

Gowanus has become an increasingly active development market following a major neighborhood rezoning and years of environmental cleanup. Those changes have opened the door for larger residential projects while also creating opportunities for new affordable housing.

Ailanthus' proposal is part of a much larger wave of investment in the neighborhood. In June, Charney Companies, Tavros Capital and Incoco Capital secured $785 million in financing for 175 Third Street, a planned 27-story development with approximately 1,100 residential units.

That project is part of the larger Gowanus Wharf campus and is expected to include 25% affordable housing, a Life Time fitness center and public waterfront space.

What The Development Could Add To Gowanus

The 424 Hoyt Street proposal would add housing, affordable units, retail and a public school to a neighborhood that has been undergoing a major transformation.

With 400 planned apartments and substantial community-serving space, the project highlights the continued push to increase housing supply in Gowanus while replacing underutilized properties with larger mixed-use developments.