Catsimatidis “Taking a Hard Look” at 162 Myrtle Project

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Not surprisingly, there’s a little more nuance to last week’s news that developer (and likely mayoral candidate) John Catsimatidis was putting his 660-unit development on hold than what New York Magazine reported. Reached by phone on Friday, Catsimatidis conceded that he was “taking a hard look” at the project in light of the current environment, and implied that it would be pretty silly of him not to. His Red Apple Group owns the land outright, so there’s no mortgage burn to worry about. In the meantime, the first-time home-buyers from Manhattan that he sees as his target market now have to come up with a $150,000 down payment for that $750,000 apartment, rather than, say, $75,000 when the project was conceived. In the end, though, it’ll probably come down to retail. “If we can land some strong retail tenants in advance, we’ll go ahead and do this,” he said. Duane Reade has already signed up. How ’bout it, Whole Foods?
Catsimatidis Puts Myrtle Build on Hold! [Brownstoner]
Catsimatidis Puts Myrtle Build on Hold! [Brownstoner]
Catsimatidis on Myrtle Revealed [Brownstoner] GMAP

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  • Not sure if he’s touting Duane Reade as an example of a strong retail tenant, or if he needs a strong retail tenant because DR won’t cut it, but either way, this project is toast.

  • He didn’t mention Duane Reade, but it was announced earlier.

  • Mr. C., you get Fairway to sign a lease, there, and you’ve got my vote.

    You get Whole Foods and I’ll consider your candidacy strongly.

    I mean, nobody in their right mind would buy meat at The Associated store on Myrtle–but you’d think you could safely purchase, say, garlic, no? No. Today, the garlic there is so old it’s shooting out fat, bright-green sprouts. So what does the produce dept. do? Cut off the sprouts, place the bulbs upside-down in styrofoam trays, and shrink-wrap them in packs of four, so the consumer not only won’t notice how inferior the product is, but is compelled to buy four heads even if they only wanted one. And we add more plastic to the waste stream. Nice.

    In other words: Please, someone, get Ft. Greene/Clinton Hill a decent market!!!

  • Would he still turn a profit if made middle class housing instead? Sure he won’t make as much as he would if he built luxury condo’s but how much money do you really need. How about giving back?

  • Something will be built there whether he does it or not. The land is too valuable to lie vacant.

  • The Myrtle Associated is really deplorable.

    The garlic there has always bugged me.
    The neighborhood is partially to blame tho- I remember the last time there was a blizzard scare (not this year) the one isle to run out of food was the potato chips and soda isle, it was stripped bare and the rest of the store looked normal.

  • What’s the big deal about Whole Foods? Why not just a good all purpose supermarket? Don’t get me wrong, WF has some great stuff, but they are not what the entire neighborhood can afford, or needs. If the need for a now missing market for the residents of the Whitman and Ingersol projects is really a priority, (doubtful) then Whole Foods is not an answer to that need.

    No one will disagree that the nutritional needs of poor people are not being met by processed food and junk, but not everyone can afford even the basics at WF. As a more middleclass income person, I can’t afford Whole Foods as an everyday market, no matter how I would like to. A new market for the area needs to be something similar to Bed Stuy’s Super Foodtown – a basic supermarket, with Kellogg’s cereal, toilet paper and canned tuna fish, but also more upscale organic products, good fresh produce, meats, deli, regional cheeses, and gourmet goodies.

  • the myrtle associated is certainly not a high class market but it has made great strides in the last few years. now it has more organic milk than non organic- it carries organic chicken and wide range of other products. Each week I see more things there that I used to only see at the ps food co-op. the prices are much higher but at least it’s there.
    kombucha- check
    organic broth- check
    organic juices- check
    organic produce- check-

    I have no reason to defend it- it’s just kind of irksome to see these uber privilleged comments-

  • Guest 11:13, it is not “uber-privileged” to want fresh produce, and to expect a store that doesn’t deliberately try to defraud its shoppers. Maybe Associated has made some strides, but it has a longgggg way to go. I’ve brought home spoiled meat three times from that dump. I won’t buy it there again.

    It is the worst kind of cynicism to think middle- and lower-income people have to settle for spoiled meat and old vegetables because they’re too stupid to know any better or too beaten-down to think they deserve decent food for their money.

  • On a positive note: I have discovered that the little bodega-sized produce market directly across the street from Associated has beautiful, spotlessly clean produce. I doubt that it’s organic, and it might be slightly pricier. But it’s ripe, clean, and pretty, and they clearly have good turnover of stock.

    That’s the weird thing about the garlic and onions at Associated–I’m in there almost every day, and for the past week they’ve been trying to unload the same, sad, 7 or 8 red onions with sprouts coming out. Honestly: Associated shoppers don’t use garlic and onions? WTF?

  • Rehab: I agree totally. I buy all my fruits and vegetables as the bodega / market directly across from the Associated on Myrtle. For the most part, I have found it very fresh, and the store is very clean. The staff is also very helpful. Their selection isn’t huge, but it definitely works… they do have a great variety of fresh herbs!

  • Can’t wait for all the dirt to come out on SOB. There is no chance in hell he’ll get elected as mayor. Mark my words folks…he’ll withdraw when the shit starts to hit the fan.

    Just google Catsimitidis and investigated…..just the tip of the iceberg.

  • Actually, 11:01, when I read Brownstoner’s statement, “Red Apple Group owns the land outright,” then I worry that there is little economic cost to The Big Cat if he just sits on the land. That leaves profit as his only motivation for building. Why couldn’t he have ‘taken a hard look’ before he tore down all of the stores in the neighborhood?

  • I’ve hear that the problem with some of the supermarket chains in NY is access to suppliers of fresh produce. Over the years I’ve spoken to a few Arab and Palestinian store owners about the sorryness of their produce and they say that they don’t have good access to supply, that it seems to be cornered by Korean and Chinese wholesalers that refuse to do business with them. Don’t know if this is still the case but there does seem to be a big difference in produce quality in NY depending on the store.

  • Yes, Wholefoods is exactly what the people who live the Whitman and Ingersol projects need. How about thinking about some of the other people who were in your neighborhood long before you arrived.

  • Whole Foods would be great, considering the crappy options we have now, but is still a deeply flawed operation.

    What we need (for the hundredth time) is Fairway. Lowest prices, regular-guy food AND gourmet treats, locally owned, and a good, NYC sense of humor.

  • “How ’bout it, Whole Foods?”

    By the PJ’s? Keep dreaming.

  • GMAP is broken. It’s labed “hhttp”.

  • 2nd Link is broken too.

  • apparently the anon experts are a little more mum now. this is a negotiation. cas is a businessman, not a politician – he’s not going to leave any money on the table here – whether that mean sell to another developer, or get more incentives from the city/state. frankly, he’s in a strong position b/c there is now pressure on the city to get this done. either way, this site is not going to sit barren for an extended time. and this is not some casualty of the credit markets, regardless of how much the rags would like the alarmists to think that.

  • Why wasting time having this long ass discussion about grocery stores? Just admit that you made a huge mistake buying in this area and call it a day.

  • BrooklynLove once again spouts of an utter absence of facts.

    It’s the credit crunch. Crunchity crunch crunch crunch!

  • another anon who thinks reading articles makes one a possessor of facts.

    until 2 years ago anon had no idea that abs was anything other than an automotive reference and thought that credit crunch was a new offering from kelloggs. now anon is not only an expert in the debt and credit markets, but is also savvy in construction financing and real estate development.

    the real travesty in all of this is that anon won’t be forced to account for anon’s boneheaded robotic conclusory ignorance b/c anon is just a mere anon with keyboard courage. run off now dear anon before your sheep flock leaves you behind.

  • “another anon who thinks reading articles makes one a possessor of facts.”

    And where are your facts 3:46?

  • experience and primary resources

  • Oh, of course. NOW I believe your anonymous postings.

  • WF, or Fairway and I would be in heaven. I would hold my breath, but I don’t think it will ever happen. :(

  • “experience and primary resources”
    Yep, Brooklynlove getting fucked in the ass!

    Hey Fucktards the news is getting great everyday, Not! You know why this assfuck is walking away, There are tons for fucking Condos going up. This is called MALINVESTMENT!!!!!

    Check this shit out. Friday night I drive up the gas station, there is NO ONE THERE!! The time was 7:49 PM. There is a recession going on in America. NO ONE CAN ADFORD THIS BULLSHIT!!!! This asshat gets it and is walking away.

    Here read this AIG is sucking the big one. BTW the secondary Mortgage market is frozen shut. Deals are falling apart now and comps are lower.

    AIG Falls on Concern Losses May Have Been Understated

    http://www.bloomberg.com/apps/news?pid=20601087&sid=a2sGJdJ3bJ10&refer=home

    This quote is rich

    Today’s announcement “will leave investors worrying about other skeletons in the closet,” Nigel Dally, an analyst at Morgan Stanley, said in a note to clients. “Investors should brace for a mark-to-market loss of roughly $5 billion in the upcoming quarterly results.

    See assholes it’s fucking over.

    The What

    Someday this war is gonna end…..

  • you’re funny, What. i’d love to see you on cnbc with kudlow some evening.

  • Kudlow. What a fuckin’ clown. Been saying no recession for months now. CNBC is nothing but a longstanding infommercial. As a matter of fact, that’s all they show, per se, latenight. The bigger clowns are the ones who fall for their shit – all you f*@#’d buyers.

  • Jesus, some douche is now getting his rocks off trying to impersonate that waste of oxygen formerly known as The What.

    Fake.

    Nice try, but fake.

    I don’t think The What is coming back. No loss.

  • Your negative equity is a loss. That’s what has you up at night. Go back to bed and dream about the stimulous package and 2005.

  • i’ve got your stimulus package right here

  • Speaking of shrinking equity…

  • insecure lately?