Avalon Buys Another Piece of Willoughby Pie
It’s been public knowledge for some time now that Avalon Bay was in contract to buy the large assemblage of properties at the corner of Bridge and Willoughby Streets in Downtown Brooklyn from longtime owner Al Laboz. And over the past year or so, Avalon has been gradually closing on the various lots. Earlier this…
It’s been public knowledge for some time now that Avalon Bay was in contract to buy the large assemblage of properties at the corner of Bridge and Willoughby Streets in Downtown Brooklyn from longtime owner Al Laboz. And over the past year or so, Avalon has been gradually closing on the various lots. Earlier this month, the Virginia-based developer closed on another one (the seventh by our count) at 92 Willoughby Street. The price: $15,344,118. Unless there were some lot combinations that have escaped notice, that still leaves three properties yet to be transferred: 383 Bridge, 385 Bridge and 94 Willoughby Street. (See chart on the jump.) By our calculations, the first seven purchases total to just under $75 million. Given that the planned 58-story tower is expected to comprise about 800,000 square, we wouldn’t be surprised to see the final three properties net another $5 to $10 million for the seller, which would bring the price per buildable square foot just over $100. To see a rendering of the project, click here.
Avalon to Top Clarett in Downtown Brooklyn [Brownstoner]
More Evidence that Avalon is Planning Downtown Tower [Brownstoner]
Avalon Buys More Bridge Street Props from United Land [Brownstoner]
United Land Unloading Bridge Street Site to Avalon Bay? [Brownstoner]
Dave in Bed Stuy. What are you worring about. Nobody is building high rises in Bed Stuy. You have nothing to worry about.
Downtown Brooklyn feels nothing like Manhattan. It feels like Downtown Brooklyn. As a longtime resident, I’m glad to see the “bandwagon” support for Brooklyn to have a real downtown with a mix of business and residents. Most comments about Downtown Brooklyn are negative…as if Brooklyn has to be stuck in time. The only problem I have is knowing some of the business owners, it’s sad to see them close. The changes made since I’ve lived here I’ve always thought were for the better and this is no exception.
The “stoler report” on the cuny channel had a bunch developers discussing the price points for profitability and downtown brooklyn is still really cheap compared to many parts of city. Most areas undeveloped in manhattan is a hike to transportation which is a major reason why they see db as desirable.
“A 24hr downtown Brooklyn is good for the whole boro” — more importantly is good for New York City. (I really don’t think it matters more to someone in Cararsie compared to someone in UWS or Jackson Hts).
As other person said – would be could to get class A office and instead of all the corporations renting in J.C. they have alternative here. Where the transportation is excellent.
I think getting rid of these dumpy dreary blocks is good. Will help lure office bldgs too…they are very prestige conscious.
I’m all for High Rises in Downtown Brooklyn- It was a total shit hole for years, now it’s actually starting to look nice. It’s not like they’re building in the middle of low scale residential housing. They’re building on major commercial strips and in areas surrounded by tall buildings.
As a kid (way back in the early-mid 90’s lol) I always went to A&S(Macy’s) with my mom and there was always some sort of crime going on over on Fulton street and even inside Macys!! When I was old enough to take the train by myself to go shopping I totally avoided Fulton street all together and went straight to 34th street in Manhattan. It was much cleaner and safer- cops everywhere- no bloods or crips standing on the corner. Now with these large buildings there is such a HUGE influx of people and money that we are taking the streets back from the gangs that have been terrorizing the area for decades- and it’s only getting better! As more and more buildings go up and more jobs fill the neighborhood we’re effectively filtering out the “bad element” Gangs can no longer say these corners belong to them.
It will be great for them to do something with that location, it’s just empty storefronts right now – with some interesting art. But bringing more residents to the area is a plus in my book for downtown.
This is the best spot for these high rises, the transportation in the area is great. And it doesnt really feel like Manhattan here, yeah there are tall buildings, but it is not as dense as many areas in Manhattan. Plus it’s mostly commercial traffic during the day in metro tech.
A 24hr downtown Brooklyn is good for the whole boro especially so for the closer brownstone neighborhoods. Now if we could just get some more Class A Office tenants…..
I like the idea of a super concentrated, super high rise downtown brooklyn. That is, as long as these building are kept in the downtown area. Totally against high rises along the water and park.
I agree with DeLepp, DH and 11217.