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March 1, 2007
NY Sun: Downtown Brooklyn Is Booming
There's a ton of information in today's NY Sun article "Downtown Brooklyn Is Booming" — too much to fully cover in one blog post, so we're going to focus on some of the things that we haven't touched on recently or are news to us. Big picture: More than 5,000 condominium units and 2,000 hotel rooms are in the pipeline. Newsflash #1 is that The Smith (rendered at right), Leviev Boymelgreen's project at Smith and Atlantic that seems to be dragging on forever, will have more hotel rooms(93) than condos (50). Forest City Ratner has more than just Atlantic Yards on its plate, with a one million-square-foot mixed use tower at 300 Jay Street planned and another 800,000-square-foot residential complex contemplated on the former site of Brooklyn Technical High School.
In hotel news, McSam Hotels will begin construction later this year of 200 moderately-priced rooms at Nevins and Scherhorn streets; the Lam Group is already building the adjacent 300-room Sheraton and 200-room Starwood Aloft on Duffield near Willoughby.
The Flatbush Avenue building boom, started by the Oro Condominium, will continue as well: AvalonBay will start on a 42-story residential tower on the southern portion of the block bounded by Gold Street, Flatbush Avenue, Myrtle Avenue, and Prince Street while nearby the North Development Group will kick off a 21-story condominium project at 85 Flatbush Extension.
"The demonstrated high demand for Brooklyn defines it as the leading destination for the young urban professional and growing families looking for affordable, high-quality housing, driving the absorption of new condominium development," the president of Metropolitan Valuation Services, Steve Schleider, said.
Downtown Brooklyn Is Booming [NY Sun]
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Comments
As an opponent of AY, I just want to say that I'm delighted with the high rise construction in Downtown Brooklyn. Brooklyn has long deserved the vibrant downtown that we once had when we were an independent city!
Posted by: SPer at March 1, 2007 10:00 AM
Me, too, SPer. It's development done right -- provided the Underground Railroad houses are preserved.
Posted by: chuck at March 1, 2007 10:10 AM
I never cease to be amazed by the sheer number of projects, large and small covered in the Development Watch feature of Brownstoner.
Posted by: donatella at March 1, 2007 10:13 AM
Hey - just to make sure:
"In addition, it is rumored that Forest City has plans to construct a residential condominium on the former site of Brooklyn Technical High School; the school would move to MetroTech."
They're not talking about tearing down the Brooklyn Tech HS in Fort Greene, are they?
Posted by: chuck at March 1, 2007 10:18 AM
Sun article doesn't mention possibility of another hotel on Atlantic and Boerum across from House of Detention or what might/could happen with House of Detention.
Very happy that area is getting all the new development....has been neglected/underutilized for decades.
Has great central location with plenty of public tranportation.
Big benefit to all NYC that it is finally getting attention.
Posted by: Anonymous at March 1, 2007 10:22 AM
brooklyn in the house!oh-heh.
To think I almost let the nabe. almost all my relatives cash out and went to eastern part of queens and most friends went to staten island.
oh well.
Posted by: Anonymous at March 1, 2007 10:48 AM
Well, I hope that with this influx of thousands of new people, whether residents, visitors, or workers, someone is thinking about infrastructure and especially the impact on public transportation in the downtown area and surrounding b'stone neighborhoods.
Posted by: Anonymous at March 1, 2007 10:53 AM
terrific article.
i wish people like WT economist and all the other naysayers who constantly talk about a real estate crash in brooklyn would read these articles. i'm guessing that even if they did, they'd have negative things to say. you know...there aren't going to be 5000 people who want to fill the condos, no one stays at hotels in brooklyn, etc.
i am certain brooklyn will prove them wrong.
Posted by: anonymous at March 1, 2007 11:07 AM
i live behind the hotel construction site on duffield. what i find most humorous -- and, no, it isn't being awakened at 8 am every single saturday -- is that it's across the street from a "job" (read, welfare) center. can't wait to see how those high end clients will react to people standing on line for their checks.
Posted by: anon at March 1, 2007 12:06 PM
"can't wait to see how those high end clients will react to people standing on line for their checks."
it's comments like these when i wonder why you have decided to live in new york city, much less any city for that matter.
i would imagine the people will react the same as they do in hells kitchen, chelsea, east village, columbus circle area, upper west side, metpacking district...all areas that also have a welfare center in addition to multimillion dollar condos.
that's the beauty of living in a city. if you want more starbucks, walmarts, gaps, etc, please do us all a favor and make room for those who don't mind being integrated with others of varying socioeconomic backgrounds.
Posted by: anonymous at March 1, 2007 12:21 PM
is brooklyn tech being torn down someone has asked?
Posted by: hut at March 1, 2007 12:40 PM
That would be sad if Tech was being relocated to Metrotech.
The old PS 9 on vanderbilt and sterling is now a condo and I hear it's also owned by FCR.
how does one buy a school?
Posted by: Anonymous at March 1, 2007 12:53 PM
I am LOVING all this development. Give downtown 10 years and it will be a cohesive place for once.
The only thing that bothers me is Avalon Bay, who are known to throw up crappy buildings.
Otherwise, Piano's tower and the Albee Sq tower could break through our self-imposed 512 foot height limit!
Posted by: hi! at March 1, 2007 1:25 PM
Does anyone know what IS happening with Brooklyn House of Detention? Are they really going to expand it? Doesn't this seem odd considering all of the other efforts to re-devlop downtown?
Posted by: sheehy at March 1, 2007 1:29 PM
Maybe they mean B Tech's football field on Fulton/Vanderbilt?
Posted by: Anonymous at March 1, 2007 1:34 PM
Excuse me, Fulton/Clermont.
Posted by: Anonymous at March 1, 2007 1:36 PM
10:18, 12:40 & 1:34 -- the full rumor is that FCRC will build a new Tech and as part of the deal, acquire the old high school for redevelopment (not tear down) to fulfill some of it's AY promises. The football field is secure.
12:53 -- Yes, the old PS9 was converted to condominiums by FCRC for tenants relocated as part of the MetroTech development. Here's how you buy a school: work out a deal with EDC; go through ULURP
12:06 -- The City job center is also a development site so you're concern, if that is what it was, is unwarrented. You live a block away and don't know this? You're not a troll, are you?
10:22 & 1:29 -- The recently released Citywide Statement of Needs for Facilities for 2008 & 2009 states that the Department of Correction plans to add 960 beds, for a total of 1719, and up to 112,000 square feet of retail. The latter is presumedly to help make the doubling of the jail acceptable to the community.
10:53 -- The only public transportation improvements currently planned is a connection between the Jay Street-Borough Hall ACF station to the Lawrence Street RM station, a project that does little IMO for the people downtown.
Posted by: Anonymous at March 1, 2007 2:00 PM
11:07,
Did you read www.youdovoodoo.com/80sbubble.htm, www.stock-market-crash.net & www.rgemonitor.com/blog/roubini/180573 (sub-prime's inside secret)?
I didn't read this thread's article yet but I will. I'll be looking for the source of funding for all of these projects. ANYBODY can physically spend time in Brooklyn (already owning, renting or visiting). But can EVERYBODY keep their jobs or net worth to spend the money it takes to buy and/or "hold" here? Are you ignoring the cracks in the global markets? Do you believe EVERYTHING the mainstream media and Benny B. tells you? They're sales people for the Feds/ruling class - wake up!
Posted by: Anonymous at March 1, 2007 2:03 PM
Anonymous 2:03. What's the frequency Kenneth
Posted by: Anonymous at March 1, 2007 2:26 PM
I am wondering what building -- industrial looking/office building-- is on the south side of Fulton between Vanderbilt and Clermont. It has a HUGE empty parking lot. It seems like some kind of spooky compound with many windows blocked up. I would gladly pay to park my car there.
Posted by: donatella at March 1, 2007 3:19 PM
donatella, the economic development corporation developed that property as an internet server "farm." however, it has never filled up. others, including some who would have taken blocks of spaces, have expressed interest in the parking lot only to be rebuffed. also rejected were inquiries by former assemblyman roger green, who was interested in locating a school in the building.
Posted by: Anonymous at March 1, 2007 3:24 PM
I was thrilled when I read this article. I just bought a condo in Belltel Lofts at 365 Bridge St. Won't be moving in for a couple of months. This area has so much oppurtunity for growth. I think some people will only believe it when they see it.
www.belltellofts.blogspot.com
Posted by: guyfromdobro at March 1, 2007 4:54 PM
hmmm, guy from dobro is excited to be living in the middle of 5-10 years of construction.... i wonder if he is moving here from starrett city or vanderveer estates, a couple of other bistricer projects.
Posted by: Anonymous at March 1, 2007 5:04 PM
Dear 3:24, Thanks very much for your info. That explains that. They obviously are using a VERY low key marketing approach, since I have been wondering about this place for 2 years.
Posted by: donatella at March 1, 2007 5:12 PM
12:21: actually, i worked at legal aid for years representing people in welfare, disability, and medicaid hearings, so i'm not advocating their removal/replacement with gaps/walmarts. i was just commenting on the striking change in downtown brooklyn.
12:06
Posted by: anon at March 1, 2007 5:13 PM
Wow. Our very own (new&improved) Times Square! Do we get a ball-drop and everything?
Posted by: Anonymous at March 1, 2007 5:18 PM
"...the economic development corporation developed that property as an internet server "farm." however, it has never filled up." - 3:24 PM
And we still haven't learned. Boom boom boom...crash crash crash.
Posted by: Anonymous at March 1, 2007 5:38 PM
5:38, to what are you referring? The internet boom, the real estate boom, the EDC? Don't get your point...
Posted by: anon at March 1, 2007 6:16 PM
As a Brooklyn Tech alumnus, I can tell you that I have heard ZERO about any plans to re-locate, renovate or tamper with the High School in any way. There would be hell to pay from tens of thousands of proud grauduates, the local community and anyone interested in preserving a jewel of a school that has graduated innumerable professionals, industry leaders, scientists and politicians, not to mention a couple of billionaires, astronauts and nobel prize winners. The suggestion that the school would be moved to make way for some condo complex is not only silly but insulting. There are too many irreplaceable details to the building to list but they include a huge basement level swimming pool, an open air rooftop gymnasium, elevators with cast metal doors, a metal working foundry, multi-level rooms for architectural reconstructions, laboratories of all type, the second largest auditorium in the city (next to Lincoln Center)and a functional radio broadcast system complete with that large antenna that we can all see from accross the city. The ground level has rose marble floors with bronze inlays and WPA era murals, there are even wooden clocks to match the original wooden moldings throughout the school's hallways for goodness sakes!
I'm pretty sure they meant the school's football field a few blocks away as a possible site for development in the future, the football stadium donated by a generous Tech graduate a few years ago.
Posted by: anonymous at March 1, 2007 6:59 PM
Anon 6:59/BT Alum - I sincerely hope you're right.
But all those luscious details you describe are probably giving Ratner a woody, thinking about how he can get his hands on them.
Posted by: chuck at March 1, 2007 7:28 PM
nice, only problem is lam and mcsam building the hotels - we can predict with 95% certainty that they will be eyesores..
Posted by: gc at March 1, 2007 9:39 PM
Real estate, 6:16 PM.
Posted by: Anonymous at March 1, 2007 10:33 PM
hey BT alum... go to school's website and find discussion of possibility of new school building
Posted by: Anonymous at March 2, 2007 9:54 AM
Interestingly, FCR also has its eye on some properties on Lincoln Road in PLG, including the current home of the Maple Street School. This surprises me because I didn't know they had an interest in this part of Brooklyn. Then again, I guess greed knows few bounds...
Posted by: Anonymous at March 2, 2007 10:46 AM
I don't know that FCRC has interest in any particular neighborhood where ultimately the building would be owned by someone else (condominium shareholders, for example). I think the company is only interested in fulfilling promises made as part of the Atlantic Yards project.
Posted by: Anonymous at March 2, 2007 11:13 AM
As a proud graduate of Brooklyn Technical High School, I hope this is not true. Tech means alot to me, both personally and professionally. I would hate to see them replace that building so that a bunch of over payed Yuppies can live in one of the most historical public school building in the city. The building serves as a symbol of what is right with the public school system in terms of educating poor, working and middle class students to gain an excellent education in this society.
Posted by: Anonymous at March 3, 2007 3:21 AM
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