The Brooklyn Paper follows up on (and expands upon!) the news Brownstoner broke a few weeks ago: Construction on John Catsimatidis’ large Myrtle Avenue project is “imminent.” According to the paper, Catsimatidis has tweaked his vision for the 660-unit project and now plans to eliminate a 200-unit affordable housing component and spread the development over four buildings, rather than two towers. The builder says he couldn’t secure enough city and state affordable housing bonds to build the below-market rate component, and that he’s constructing four smaller buildings rather than two towers because It’s a $500-million project, except that no bank has $500 million to loan, so we decided to break it up into four buildings.
Affordable Housing DOA [Brooklyn Paper] GMAP
Development Watch: Catsimatidis Ready to Go on Myrtle? [Brownstoner]