Gowanus Canal Is Given Superfund Status

You will not be able to get gov't backed mortgages within 3000 ft of the site. Carroll Gardens, Cobble Hill, Boerum Hill, most of Park Slope and part of Brooklyn Heights are doing to become cash only zones or high interest rate zones. Maybe now I'll be able to afford them.

Story: http://streeteasy.com/nyc/talk/discussion/18876-gowanus-canal-faces-crucial-cleanup-decision

500 4th Avenue would seem to be in the cross hairs - having trouble selling units and a mere 1700 or so feet away. Will be interesting to see what happens. Elan, worse yet. That, together resales at the Novo, Argyle, and Crest just one block away. I can see it now - with your purchase, free gas masks and hazmat suits. This is not a joke for those who have set up shop on the great avenue that is 4th.

i used to live 1 block away years ago, on CG side. the stench did not go to my side, but on PS side reached to almost 4 Ave. it has been cleaned up since then, fresh water coming in and some dredging, but to get Superfund status is catastrophic.

Even the alarmist press release limited the fall-out to FHA loans. That's a far cry from "cobble hill is now a cash-only neighborhood."
I am also wondering about the arbitrary 3,000 ft radius. Wouldn't it make more sense to look at the topography and flood maps? It seems to me that South Slope and Red Hook are much more at risk than Cobble Hill or Boerum Hill or anything "Heights" in their name.

the map in this article shows all of CG and Boerun Hill, most of CH and a little Brooklyn Heights.

http://curbed.com/archives/2010/02/26/group_unleashes_gowanus_canals_red_cloud_of_mortgage_death.php

The map in the article is based on a technical rule for FHA loans, which bars sites within 3,000 ft of a toxic site. It doesn't mean exceptions won't be made. FWIW, sites that are too noisy or too close to a major highway should technically also be barred. If the rules were applied strictly, there wouldn't be any FHA loans in NYC.
It might create an extra headache for the new condos on 4th Avenue, and maybe that's a good thing.

i agree that this map is too broad. i would say that PS up to 5th Ave will be affected and CG/CH down to Smith as well. all of Boerum Hill for sure as it's located on the tip of the canal.

we'll have to wait and see how it all plays out.

gowanus is f'ed.