All but a few stores have officially shut down at the southeast corner of Willoughby and Bridge Streets in Downtown Brooklyn, and city records indicate a developer could build 760,000 square feet in their place – putting the tower in the running for Brooklyn’s tallest. United American Land owner Al Laboz transferred 396,000 square feet of development rights he owns on a property down the block to this L-shaped site, which has additional frontage on Duffield Street neighboring the Aloft and Sheraton hotels under construction. Laboz has said he’s undecided about plans for the Bridge/ Willoughby Street property. But city records say he “intends to sell the land to a purchaser who presently intends to demolish the existing buildings,” and that the 740,000 square feet would be for residential. With the apparent glut of condos now on the market, Laboz or the buyer would be more likely to opt for rentals. For now, clearing the property of tenants, plus all those air rights, makes the property far more valuable. On the other hand, if it languishes on the market or the project has difficulty getting financing, Bridge and Willoughby will become a dark corner of Downtown. What do you think will happen?GMAP
Much of Downtown Brooklyn Going Out of Business [Brooklyn Eagle]