It’s hardly breaking news, but The Brooklyn Paper has a story this week about Forest City Ratner Companies receiving $109.5 million in tax-exempt bonds and $27.5 million in taxable bonds issued by the New York State Housing Finance Agency for the 335,000-square-foot building under way at 80 DeKalb Ave. According to The Brooklyn Paper, critics say that this translates into tax payers underwriting each affordable unit to the tune of $1.5 million. Wachovia Bank and Helaba provided “credit enhancement” to the $137 million in bonds. The 34-story tower, Ratner’s first residential building in Brooklyn, was designed by Costas Kondylis. It’s an 80/20 unit with 292 market-rate rental units and 73 affordable ones, that will remain so for 99 years. The building is to be green—they expect to achieve LEED certification—and could begin leasing next summer.
Ratner’s First Tenants [The Brooklyn Paper]
New Glassy Tower to Join Fort Greene Mini-City [NY Observer]
Development Watch: 80 Dekalb Avenue [Brownstoner] GMAP P*Shark DOB
80 Dekalb Avenue: Get Ready for Take-Off [Brownstoner]
Public Hearing Scheduled for 80 Dekalb Financing [Brownstoner]
Demo Done at Site of Ratner’s Dekalb Tower [Brownstoner]
At 80 Dekalb, No Mention of Ratner [Brownstoner]
Ratner: ‘Fort Greene, I’ve Got You Surrounded’ [Brownstoner]
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