Buried deep in this week’s New York Magazine cover story entitled “The Stench of ’89″ is this bombshell:
Billionaire and likely mayoral candidate John Catsimatidis, whose Red Apple Group is developing a two-block complex on Myrtle Avenue in Brooklyn, is putting the brakes on the project until the lending situation shakes itself out.
Holy moly! At least the two neighboring projectsBFC’s condo project at 150 Myrtle and Avalon Bay’s rental development at 157 Myrtleappear to be proceeding at full speed. Think there will be other announcements like this in the Downtown area in the coming weeks?
The Stench of ’89 [New York Magazine]