When the deal was announced back in February, the consortium of investors purchasing the groundlease for the Gallery at Fulton Mall from Thor Equities had big plans: 475,000 square feet of retail space, 125,000 square feet of Class A office space, and 1,000 rental apartments (with 20 percent set aside for tenants of moderate income). Since the deal closed last week for a reported $120 million, it’s come out that the housing component has been scaled back by about 35 percent. The 1.6-million-square-foot tower (which will be anywhere from 40 to 60 stories) will still have 650 apartments, but the switcheroo is expected to result in a loss of about 70 affordable housing units, something that has community groups pissed off. The new owners haven’t announced what they’re going to do with the extra square footage from the 350 axed apartments yet.
Developers Pare Housing Plan for Albee Square [NY Observer] GMAP
Expansion, Skyscraper Planned for Albee Square Mall [Brownstoner]
Albee Square [Acadia Realty]