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August 18, 2005

Details on Development at Myrtle and Nostrand

myrtle
Thanks to a tip from a reader, we've got more to report on the large-scale development at Myrtle and Nostrand. According to the Northeast Brooklyn Housing Development Corporation's website, the proposed project consists of the new construction of a mixed-use residential and commercial development on two (2) separate, but, adjacent city-owed, continuous vacant lots on Myrtle Avenue between Marcy and Nostrand Avenues. The two buildinds will have a total of 18,000 square feet of commercial/retail space at the street level along Myrtle Avenue and 114, 000 square feet of residential floor area on the upper six floors. Eighty-eight modern dwelling units consisting of 33 1-bedrooms, 44 2-bedrooms and 11 3-bedroom dwelling units within the two building complex; with an average apartment sizes of 650 sq. ft. for a one bedroom, 1,000 sq. ft. for a two-bedroom and 1,300 sq. ft. for a three-bedroom apartment. The buildings will contain ancillary space consisting of a 3,600 square foot community/recreational space, an outdoor roof garden will be provided on the second floor of site number one. There will also be a roof top garden on the seventh floor and several units will have private terraces. We've got one thing to say: Yowza!
Massive Bed Stuy Condo Development [Brownstoner]
Myrtle Avenue Apartments [Dunn Development Corp.]
Two New 7-Story Buildings [NEBHD Co.]




Posted by Brownstoner at 9:08 AM | Comments (7)
Categories: Development

Comments

To clarify, there are four buildings going up, (and one completed
development) on Myrtle between Nostrand and Tompkins. Will the three low-income and "affordable" projects being
built affect housing values for the two adjacent Developers Group and
aptsandlofts projects?

-- 33 apartments for homeless/low-income at 854 Myrtle (literally right
in the middle of the 36-unit "Myrtle Townhouses" development from aptsandlofts.com .

-- One block west, 88 units in the two adjacent NEBHDCo buildings on
Myrtle between Marcy and Nostrand (762-768 Myrtle?). It isn't clear if
this is rental or condo. NEBHDCo currently manages 1000 "affordable"
apt units.

-- Next to the NEBHDCo project, the 72-unit Scarano "Myrtle
Place" project (756-768 Myrtle Ave), which may be marketed by The
Developers Group.

Posted by: bc at August 18, 2005 11:20 AM

Has anyone heard anything about apartments going up across from the Pratt store on Myrtle or the block that has Kum Kau?

Posted by: Anonymous at August 18, 2005 1:23 PM

is this where the whole foods is rumored to be?

Posted by: query at August 18, 2005 4:12 PM

No -- this NEBHDCo building is in middle of block. The Whole Foods is rumored to go in the Scarano building at the Nostrand Ave end of the block. NEBHDCo and their partner BSDC generally place community-based firms in their developments, but this is all speculative. http://www.nebhdco.org/index.php4?page=news

Posted by: bc at August 18, 2005 8:54 PM

someone needs to swipe up some of the empty spaces in Lincoln Rd. in lefferts gardens.. there is one going for close to 8 mil that is located exactly next to the subway stop and across from the park.. its been empty far too long and has serious potential!

Posted by: Anonymous at August 19, 2005 3:28 AM

What about Corcoran's The Lofts at Dekalb, at Dekalb and Tompkins? As I understand it they have sold out one of the two planned buildings pre-construction at prices between $380 and $450 sq. ft. This for a developmentin the middle of housing projects, with the closest subway the G at Myrtle Willoughby -- or you can walk forever to the JMZ at Myrtle.

Posted by: Larabelle at August 19, 2005 5:51 PM

The DeKalb property seems like a reach to me. For the price of 2 units, you could buy and restore a nearby 2 family brownstone. If bottom falls out of market or neighborhood stagnates, you'd still have Section 8 rentals to fall back on. According to ACRIS, ultimate ownership of the DeKalb Lofts is a little strange, as well -- it's held by Congregation Zichron Yitzchok. The condo rules are probably ... interesting.

Posted by: bc at August 20, 2005 1:33 PM

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