The section of Boerum Hill that sits to the north of Atlantic Avenue has seen its share of development in recents years, as a mix of large and small buildings have sprung up to transform the stretches of State and Schermerhorn Streets between Smith and Bond. Now, reports The Times, some of the same developers who first made bets on this area in the early years of this decade are having to press the pause button on the next wave of projects. Developer Abby Hamlin, who, along with partner Time Equities, built the highly-praised 14 Townhouses and the 217-unit Schermerhorn House (pictured), says plans for three other contiguous sites are on hold for at least 6 to 12 months. One block east, the development company Ibec, which put up the State Renaissance Court back in 2006, says it will have to hold off building anything on two adjacent lots. Unless we have firm commitments from buyers, we wouldn’t even start developing, said Ibec partner Samy Brahimy. Banks at this point are not going to give you a construction loan. While many locals aren’t thrilled with the development purgatory, one old-timer, who picked up his State Street townhouse for $62,500 in 1976, is unfazed. I know it’s inevitable they will build at some point, he said. And I’m perfectly happy to wait.
A Block That Wanted Development Has to Wait [NY Times]