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November 26, 2007
Development Watch: Prepping for Demo at Avalon Myrtle
The Catsimatidis/Red Apple site wasn't the only one on Myrtle to get a construction fence last week—Avalon Bay started to get ready to demo the group of two- and three-story buildings between Flatbush and Prince Streets by erecting the slightly more stylish blue plywood fence. (Red Apple had gone au naturel.) What's to come? 42 stories housing 650 rentals. Target date: 2009.
So That's What Avalon Myrtle Will Look Like! [Brownstoner] GMAP
Development Watch: BFC and Avalon Straddle Myrtle [Brownstoner]
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Comments
Man Man Man Stop building please!!! How many condos do we need???!!!! I think year from now our children will say " why the fuck _______ insert dumb ass thing here".
If you own a condos in that area, you should be very worried now. Go down to the site and picket that shit. No More Condos!!!!!!!
The What
Someday this war is gonna end....
Posted by: guest at November 26, 2007 12:23 PM
I believe we need more office buildings downtown. Companies are moving to NJ in part because there is a scarcity of large floor, class A space in Brooklyn.
Posted by: LM at November 26, 2007 12:30 PM
LM aka Doctoroff: If there is such a shortage why is it so hard to find tenants for Metrotech? There is always empty space there -- and FDNY takes up a lot already (our tax dollars bailing out Ratner per usual).
Posted by: guest at November 26, 2007 12:43 PM
great news.
Posted by: BrooklynLove at November 26, 2007 12:48 PM
12:23: These are not condos. These are rentals.
Posted by: guest at November 26, 2007 12:48 PM
12:23: These are not condos. These are rentals.
Still stop building!!!!!!!
The What
Someday this war is gonna end....
Posted by: guest at November 26, 2007 12:52 PM
12:23: These are not condos. These are rentals.
Still stop building!!!!!!!
The What
Someday this war is gonna end....
Posted by: guest at November 26, 2007 12:52 PM
In today's "Real Estate Round-Up," the Eagle notes that The Real Deal reports that "Developers filed 31 percent fewer new condominium offering plans citywide, and 24 percent fewer in Brooklyn, during the first three quarters of this year versus three quarters of last year."
Continuing, "Filings did increase between the second and third quarter in Brooklyn, Manhattan and the Bronx, which The Real Deal linked to the passage of the new 421-a legislation.
Elaborating (all numbers are first three quarters of 2007 and then all of 2006):
Brooklyn -- 5,508 and 10,310
Williamsburg -- 819 and 1,674
Downtown -- 257 and 574
"Crown Heights (with 403 units this year), Greenwood Heights (22) and Greenpoint (335) were the only neighborhoods where filings this year have already topped those in 2005 and 2006...."
The Why
Some day this rain is going to end....
Posted by: guest at November 26, 2007 1:11 PM
i definitely feel like these guys are too late to this particular real estate party. this party is ending quickly.
Posted by: guest at November 26, 2007 1:16 PM
12:43, FDNY was part of Metrotech from the start so the phrase "bailing out" is incorrect. It's economic development seed money to help a project succede in an area where commercial tenants were desired but difficult to secure. Not to mention that fact that FDNY was sorely in need of a new headquarters 20 years ago. And, no, I don't work for Ratner or Deputy Dan. But if we're gonna call developers on their bulls#!t, then let's hold everyone to the same standard.
Posted by: guest at November 26, 2007 1:18 PM
"this party is ending quickly"
After the party is the afterparty, er um, aftermath.
Posted by: guest at November 26, 2007 1:39 PM
i keep seeing mixed messages re metrotech vacancy rates - some say the place is full, some say the place has large vacnanies. what is the truth? show me some actual facts/figures, please.
i truly cannot understand how someone could react with only negativity to these developments in downtown bk. even if there is some over-supply in the short-term, i am grateful for the new large scale projects in this area b/c it makes all the sense in the world in this spot, and will prove hugely beneficial to bk over the long term (as well nyc on the whole, frankly). i'll take it when i can get it b/c there may not be another chance for many years.
say what you want about avalon, but at least when it comes to the new york metro area they have made some pretty sound financial decisions, so if they are still moving on putting the big bucks into this project, then i'm not ready to throw up my hands and lie down in front of the credit crunch goblin.
Posted by: BrooklynLove at November 26, 2007 1:40 PM
I live downtown and welcome all the new construction. Now we can get some decent services around here.
Posted by: guest at November 26, 2007 1:53 PM
I'm a resident of the area (I lived in University Towers for ten years and I recently bought at ORO). It remains to be seen whether or not downtown brooklyn has missed the "real estate party", but the development in downtown brooklyn is WAY OVERDUE. The development in can really be summed up in four categories (i) Condominiums. We all know about the national "condo explosion" that has been taking place for the last five years or so. I do agree that downtown brooklyn was behind the curve in that regard, but with the insane prices in Manhattan and downtown brooklyn's accessibility to the city via ten different subway lines, I think the high end condo projects will actually do fairly well. (ii) Rentals. The majority of the new developments coming on line (City Point building, the Avalon Fort Greene, etc.) are actually RENTALS, not CONDOS, so even if the market for condos remains flat (which they probably will), downtown brooklyn should be able to take advantage of the shortage of market rate rentals in the area (my wife and I had a ridiculously hard time trying to finding a full service rental building in the neighborhood while waiting for ORO to be completed), (iii) Hotels. Anyone who reads this blog knows all about the new hotels in the pipeline in downtown brooklyn (Three on Willoughby Street alone). I know there is a sentiment there is not such a large demand for hotel rooms in Brooklyn, but there is a serious shortage of hotel rooms in Manhattan (anyone try to get a hotel room in Manhattan lately?), and again, Downtown Brooklyn's proximity to the financial district and downtown Manhattan make it a great location (iv) Retai. The great thing about all of the development is the retail that it should bring. There is a severe shortage of quality retail in the immediate vicinity in terms of grocery stores, shops and restaurants, so anything new in that regard will be welcomed with open arms. Obviously, I know I come across as a cheerleader, but as someone who has lived in the area for the past ten years and who plans to live here for the forseeable future, I definitely have a vested stake.
Posted by: guest at November 26, 2007 2:05 PM
word.
Posted by: BrooklynLove at November 26, 2007 2:20 PM
Yes, yes 2:05. Glad to finally hear some rational talk!
Posted by: guest at November 26, 2007 2:30 PM
"my wife and I had a ridiculously hard time trying to finding a full service rental building in the neighborhood while waiting for ORO to be completed" (2:05PM above)
I know...my husband and I have had a hard, hard time finding a full, full, FULL service rental. None of the brownstones we looked at had refrigeration rooms for our Flesh Dissect deliveries. We finally settled on using FD's cardboard boxes to fashion a residence for ourselves. It's portable like a yurt and can be refreshed daily with new onslaughts of Flesh's throw-away cardboard.
The Where...
Posted by: guest at November 26, 2007 10:31 PM
Brooklyn born losers. Shakes head. I stay away from anyone who says they're born here. A dumb, physicaly weak, p**sy. They talk a lot of s**t but can't back it up. They can't keep a job and pay rent either.
Posted by: guest at November 27, 2007 10:40 PM
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