Real Estate Matters, Winter 2004

Real Estate Matters, Winter 2004
Matters of Concern, Greenpoint: 2004 Development Conference
Joshua Kahr

The Bloomberg Administration is making strong efforts to open up other areas in the outer boroughs for housing development. To explore and better define the community and the development issues surrounding it, the Newman Institute will host the 2004 Development Conference, "Greenpoint and the Future of Brooklyn," on June 4, 2004. The Greenpoint neighborhood borders the East River north of the Williamsburg bridge to the Queens borough border.

Greenpoint-Williamsburg is currently under review by New York City's Department of City Planning (DCP) for rezoning. As the zoning stands right now, this two-mile long stretch of land along the East River waterfront does not permit any significant number of new residential buildings. DCP's plan proposes a mix of R6 and R8 zoning districts (2.43 and 6.02 Floor Area Ratio respectively) with the lower density zoning districts along the neighborhood's edge and the higher density zoning districts closer to the water. There will be height limits but they will not be a significant burden on new projects as the height limits rise up to a maximum of 350 feet in some R8 districts. The zoning plan hopes to capitalize on the rapid gentrification that is occurring in Greenpoint-Williamsburg already. It is likely that whatever new residential development takes place will continue this trend and will be for market rate upper income rentals and condominium units.

If everything proceeds according to plan, the Uniform Land Use Review Procedure (ULURP) will have its kickoff in Spring 2004. At the risk of oversimplifying the process, the ULURP process is where all the different parties sound off as to what hey think of the plan (including the local Community Board, the Borough President, the City Planning Commission, and City Council). When one combines the rapid gentrification that is already underway and a zoning plan that allows 350-foot towers, it should be a contentious plan. If you are interested in following the future of high-density market rate residential development in the outer boroughs, it's the zoning proposal to watch in 2004. We plan to explore all of these issues and the state of the development debate at our conference.