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March 27, 2008

Massive Bridge Street Tower In The Works?

All but a few stores have officially shut down at the southeast corner of Willoughby and Bridge Streets in Downtown Brooklyn, and city records indicate a developer could build 760,000 square feet in their place - putting the tower in the running for Brooklyn's tallest. United American Land owner Al Laboz transferred 396,000 square feet of development rights he owns on a property down the block to this L-shaped site, which has additional frontage on Duffield Street neighboring the Aloft and Sheraton hotels under construction. Laboz has said he's undecided about plans for the Bridge/ Willoughby Street property. But city records say he "intends to sell the land to a purchaser who presently intends to demolish the existing buildings," and that the 740,000 square feet would be for residential. With the apparent glut of condos now on the market, Laboz or the buyer would be more likely to opt for rentals. For now, clearing the property of tenants, plus all those air rights, makes the property far more valuable. On the other hand, if it languishes on the market or the project has difficulty getting financing, Bridge and Willoughby will become a dark corner of Downtown. What do you think will happen?GMAP
Much of Downtown Brooklyn Going Out of Business [Brooklyn Eagle]

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I think BrooklynLove will comment about how much he looks forward to this tower that will probably not get built for at least another decade.

Posted by: guest at March 27, 2008 12:19 PM

lol 12:19.

Posted by: guest at March 27, 2008 12:46 PM

12:19 - if you had a clue your assessment might be cause for concern.

Posted by: BrooklynLove at March 27, 2008 1:17 PM

I rest my case.

Posted by: guest at March 27, 2008 1:28 PM

so 1:28, does your analysis pretty much go like this? - i keep on hearing about this credit crunch in the news and how its hard to get construction financing so that means that a building isn't going to get built here for a long time. is that your expert analysis in a nutshell? if so, i rest my case.

Posted by: BrooklynLove at March 27, 2008 1:43 PM

Pretty much. That and the other downtown projects are falling one by one like overleveraged dominos.

Posted by: guest at March 27, 2008 2:32 PM

I think i saw your mama fall like an overleveraged fat domino

Posted by: guest at March 27, 2008 2:38 PM

2:32 - you almost sound happy that "...downtown projects are falling one by one..." Why is that? Why are there so many haters on this blog. Seems like these people hate on everything...Atlantic Yards= bad, condos=bad, high rises=bad, new grocery stores=bad, new retail=bad, gentrification= bad, development in general=bad. I guarantee, a post on any of the foregoing topics will bring out "The What" and every other hater that populates this blog!

Posted by: guest at March 27, 2008 2:49 PM

Posted by: guest at March 27, 2008 2:51 PM

2:32 - list the dominos then

Posted by: BrooklynLove at March 27, 2008 3:00 PM

I couldn't agree with you, more 2:51 (all four of you:). It strikes me as odd that people would become so angry about a lowered crime rate, increased amenities, cleaner streets, etc. I think that they equate a true urban experience with crime, violence, trash, drug sales, and so on. Hence, the inevitable comparison of every new building to "the suburbs", or "the malling of NYC", or "turning Brooklyn into Manhattan".

Posted by: guest at March 27, 2008 3:06 PM

Healthy development is impossible while prices are so high that only lunatics or flippers-who-plan-to-sell-to-lunatics can afford to buy.

When prices drop 50%, so that they are in line with values (measured by rental equivalency, which takes into account the better quality of life on Bridge St than, say, in Croton-on-Hudson), then projects will be based on real demand, built to offer real quality, and attract real people with real jobs.

Posted by: guest at March 27, 2008 3:07 PM

It's the baby boomer generation. They raped this country for all it was worth, and all they want is for their earthly paradise to remain unchanged until the day they die.

The whole baby boomer generation is terrified of what is happening in the economy right now. For many, the anger is simply self loathing.

It's really an amusing look into the mind of a generation bent on maintaining material prosperity for themselves at all costs, and how they cling to a sick vision of life. They also have a bizarre infatuation with the New York City of their youth. That's really the heart of it. For New York City to evolve once more means it is the end of the baby boomer era and that the gravy train is over.

Suck it, boomers! you know who you are!

Posted by: Polemicist at March 27, 2008 3:08 PM

AY... 162 Myrtle...

PS: Polemecyst, please take your meds.

Posted by: guest at March 27, 2008 3:25 PM

In 2008 so far the following projects have broken ground downtown

64 Duffield -(flatbush flatiron)21 stories
343 Gold - (avalon fort greene)42 stories
111 Lawrence - (clarett's new tower)51 stories
230 Livingston street - 26 stories

So that's 140 stories worth of new development which has all broken ground (i.e past demolition stage) in downtown brooklyn in 2008 so far.

Posted by: guest at March 27, 2008 3:31 PM

3:25 -

the only part cats has talked about dropping is the affordable component b/c the city can't fulifill is funding obligation

re AY - if you can't see how that project is an apple to this orange then you're even more clueless than i first thought.

but, for the sake of argument, let's assume that both of your examples were accurate and relevant (which they are not, on both counts), please explain to me how the respective developers' financing plans and criteria compare. hint - consider why rockrose and hudson continue to build ...

and, as the other commenters have pointed out - any number of projects in limbo you might point to you pales in comparison to the number of large scale projects marching forward. in fact, this ratio is higher on the side of development in this area than we've seen in decades.

Posted by: BrooklynLove at March 27, 2008 3:53 PM

My issue with this plan isn't really the fact that he's building a HUGE building here, but more that they've moved successful businesses out of this area, and they don't even have FINAL plans for building yet!

So here's what could happen: They don't sell the property or decide not to build because financially it doesn't make sense right now. What downtown Brooklyn is left with is a VACANT street - one that used to have business and commerce. Vacant streets bring more crime, filth and seediness in an area that is already teetering on the edge.

Why couldn't he let the businesses stay there until they were actually ready to begin demolition/construction?

The sad thing is that this happening all over Brooklyn - developers destroy buildings and blocks with the plan on building, and now with the downturn, they sit as empty lots. This is the future also of the AY footprint as well...

Posted by: guest at March 27, 2008 3:53 PM

3:53 - you've been reading the What too much lately - this is a downturn not a depression. things can't accelerate upward and onward infinitely. this will all get built gradually over the next 5 years.

Posted by: BrooklynLove at March 27, 2008 3:59 PM

Good points, BrooklynLove. But we'll see how much of the "marching forward" makes it past the "big hole in the ground" stage over the next decade.

Posted by: guest at March 27, 2008 5:51 PM

by the way, regarding AY:

http://www.empire.state.ny.us/AtlanticYards/ConstructionUpdate21.asp

Posted by: BrooklynLove at March 27, 2008 9:17 PM

much ado about nothing

Posted by: guest at March 27, 2008 10:44 PM

What is up with all the negativity, DOOMSDAY IN BROOKLYN, O MY GOD!!! People make neighborhoods not fear! This city has been through thick and thin. Reflect before you comment. Once there was World War 2 and the world, brooklyn too, got thru it now over condos we are all in distress. Fear breeds fear. Massive Bridge Street Tower In The Works? MASSIVE now that's a scary word, oh what shall we do???

Posted by: Be Positive at March 28, 2008 1:11 AM

Projects come and go in NYC. LES in Manhattan is growing/ has grown and there was supposed to be a 2nd Ave train that went there. This project has been announced on and off so many times and plans and bids have happened a few as well yet nothing changes. Shoot they dug holes, knocked down buildings, built a tunnel that is still empty there. This is just the nature of large scale projects.

Posted by: guest at March 28, 2008 2:44 PM

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March 27, 2008

Massive Bridge Street Tower In The Works?

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