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March 25, 2008

Avalon Bay Rentals Now In, Um, Fort Greene

avalon-fort-greene-032508.jpg
And all along we've been referring to this as Avalon Myrtle! This is a boundary-stretching for the record books. Last we checked, this location—at the corner of Flatbush and Myrtle—was unequivocally Downtown Brooklyn. Up next: Fort Greene's take-over of Vinegar Hill. On a related note, Avalon execs must have been happy to read this article in Sunday's Times calling multi-family rentals the one "bright spot" in the real estate market right now.
Development Watch: 159 Myrtle Avenue [Brownstoner]
Myrtle Building Boom from Above [Brownstoner] GMAP
So That's What Avalon Myrtle Will Look Like! [Brownstoner]




Posted by Brownstoner at 10:34 AM | Comments (17)
Categories: Development, Downtown Brooklyn, Fort Greene

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The folks at Avalon are very happy, as are their shareholders.

The real problem right now is getting construction loans. Avalon has a large enough cash flow that they self finance new construction. It is very, very easy even now to get long term financing at a competitive interest rate for newly constructed apartment buildings.

This is a great time for any developer or REIT that doesn't require construction loan financing.

Posted by: Polemicist at March 25, 2008 10:43 AM

i'm having problems with making a comment.

is that the case for everyone????

Posted by: guest at March 25, 2008 10:51 AM

what problems are you having? there were a lot of double comments yesterday but we're having trouble isolating the problem...

Posted by: brownstoner at March 25, 2008 10:55 AM

"what problems are you having? there were a lot of double comments yesterday but we're having trouble isolating the problem..."

OK Retard (Brownie)! If you try to block IP's or Subnets of a group of IP's, you are going reduce traffic to your site! GOT IT. Ether you drop the block on me or suffer the consequences. Thats why you got the double comments, STUPID!!!!!!!!!

The What (YYAAA HHOOO!!!)

Someday this war is gonna end....

Posted by: guest at March 25, 2008 11:02 AM

when you stop swearing so much, we'll unblock your IP. pretty simple.

Posted by: brownstoner at March 25, 2008 11:22 AM


Good job Brownstoner. You don't need folks that can't communicate without spewing profanity on this website...no matter how well informed the offender seems to be.

Posted by: moreteasir at March 25, 2008 11:39 AM


Good Job Brownstoner. You don't need folks leaving comments who can't, or refuse to speak without spewing profanity all over the place....no matter how well informed they seem to be. Let them go screw up some other website.

Posted by: moreteasir at March 25, 2008 11:46 AM

the problem with posting comments is when you click post it gives an error message with makes ppl go back and refresh and try to post again and thats why there are multiple posts.

Posted by: guest at March 25, 2008 11:54 AM

I'd have thought of that location as Fort Greene-- I'd probably describe it as the border of Ft. Greene and Downtown Brooklyn. I'd call Flatbush the border of Downtown Brooklyn on that side. Is there any official border of those two neighborhoods?

Posted by: guest at March 25, 2008 12:04 PM

I just got an error message "Internet Explorer cannot display web page" when I tried to post the last comment. I hit the back arrow and then refresh, and my comment posted (apparently only once).

Posted by: guest at March 25, 2008 12:08 PM

love it

Posted by: BrooklynLove at March 25, 2008 12:43 PM

12:04: "Is there any official border of those two neighborhoods?"

Depends. Are you a broker or a resident? If you are a broker, do you work for Corcoran?

If you are a resident, its Downtown brooklyn.

If you are a broker, then it's Ft Greene.

If you work for Corko, then this property is in North Brooklyn Heights.

Posted by: guest at March 25, 2008 2:30 PM

Here's one perspective: before they were divided into two operating entities, the Ingersol and Whitman houses were called the Fort Greene Houses. (The largest NYCHA development, which is why it was split.) This project is across Prince Street from Ingersol, so "Fort Greene" seems like a reasonable appelation to me. Every neighborhood has a border; this project sits on one.

Posted by: guest at March 25, 2008 3:14 PM

this is northwest park slope.

Posted by: guest at March 25, 2008 5:02 PM

I abhor the profanity on this site. Can't people be civil. Unfortunately I must point out that the owner of this site was quoted in new york magazine using profanity unless he was misquoted. Can't people be civil.

Posted by: guest at March 25, 2008 6:18 PM

i'm loving the development along this stretch of fbx

Posted by: BrooklynLove at March 25, 2008 9:52 PM

I grew up on Ashland btw Willougby and Myrtle. We always referred Flatbush as the border of Fort Greene. And no I am not a broker. Nor am I related to any brokers.

Posted by: guest at March 26, 2008 10:56 AM

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