Report: Vacant Gowanus Plot to be Bought for $50 Million

Pictured: the property as viewed from a passing subway. Photos by John V. Santore

GOWANUS, NY — A development company is in talks to purchase a large, vacant parcel of land along the west side of the Gowanus Canal for $50 million, according to a report in The Real Deal.

The property, located at 455-459 Smith St., was bought by Project Markets Group, the trade publication reports, which intends to turn it into a mixed-use development that would include a hotel, retail space, and offices.

PMG did not return Patch’s request for comment, but DNAinfo reported that the company confirmed that it is negotiating the purchase.

The parcel as viewed from across the Gowanus Canal

Building a mixed-use project would first require rezoning the site, which currently only allows for manufacturing, according to The Real Deal.

The land sits within the district of Councilman Brad Lander, whose office could not immediately be reached for comment Tuesday concerning the zoning issue.

Despite the years of environmental remediation work scheduled for the canal — and ongoing battles over whom that work will displace or inconvenience — the area remains a hotbed of development activity.

Just last week, Patch reported on $100,000 in renovations to a former arts hub on 9th Street that was bought last year, leading to the displacement of hundreds of area artists.