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March 26, 2008
Development Watch: Albee Square Mall Gets Gutted
As this photo shows, the gutting of Albee Square Mall, once legendary rapper Biz Markie's 'Home Sweet Home,' is well under way in preparation for demolition of the 31-year-old structure. Developer Acadia Realty Trust and its partners plan a roughly 1.5 million-square-foot tower on the block, which could rise between 60 and 70 stories, said co-developer Paul Travis of Washington Square Partners. The project, called City Point, is designed by GreenbergFarrow. Demolition of the Albee Square garage was completed back in January. GMAP DOB
More Details on Albee Square aka City Point [Brownstoner]
Albee Square Mall lyrics [Biz Markie]
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Comments
is gawn bee tawl...
Posted by: guest at March 26, 2008 12:18 PM
Get out!
What does Brownie know about the Biz Mark Biz Mark?
Posted by: moreteasir at March 26, 2008 12:28 PM
is gonna be stalled...
Posted by: guest at March 26, 2008 12:44 PM
Seriously, I'm not saying it's the end, but just about anything not past the hole in the ground stage is going to be on hold for awhile, like the rest of this decade.
Posted by: guest at March 26, 2008 1:00 PM
1:00 PM - Perhaps your right, but Acadia is a pretty big REIT with the ability to self finance. Certainly the condo market is flat, but developments like this one, focused on rentals seem to be more likely to succeed. Folks on this blog seem to forget that, even in a downturn, people still need somewhere to live. All the Manhattan transplants who can't affort $1 million dollar apartments, presumable also can't afford $4000k a month one-bedrooms, so there should be a solid market for rentals in downtown brooklyn in the next few years. There was a NY Times article on Monday which stated that rentals are strongest area of the real estate market right now.
Posted by: guest at March 26, 2008 1:19 PM
i'm looking forward to this tower
Posted by: BrooklynLove at March 26, 2008 1:21 PM
City Point website says, "slated for completion in 2010."
Seems, shall we say, a trifle unlikely, does it not?
Posted by: guest at March 26, 2008 1:34 PM
This building will rely on it's retail to drive it's optimistic completion date. Real estate is down but Brooklyn shopping and spending is up. Remember this is Target's next home.
Posted by: guest at March 26, 2008 2:00 PM
At least 95% of the posts on this site are from people who're logged in as "guest". This means that someone reading the comments on this site will be reading almost everything in faded type. Now, I understand why the faded type is used for "guests". However, in my opinion it's not worth it.
The faded type is clearly legible, but over the long haul it is more fatigue-inducing than regular, darker type. So, Mr. B, do you really want to condemn your readership to slogging through so much faded type?
Just a thought. Again, I do understand why the faded type was introduced. I just don't think it's worth it. You're shooting yourself in the foot (and inducing eyestrain in your readers) as things currently stand.
Posted by: guest at March 26, 2008 2:22 PM
"Retail-sector shares declined Tuesday, after investor sentiment was hurt by a negative reading of U.S. consumer confidence and a report on declining home prices in major U.S. cities."
Posted by: guest at March 26, 2008 2:22 PM
2010 is realistic, you cannot build and finish a 50-60 story tower in less than 18 months. . . this is a very large reit that will build through any "down market", you must realize that by the time this is fully leased out in will by 2012 and no one's crystal ball is clear enough to assume they can predict market conditions at that point, however you can realistically perceive that with all of this private and public spending in Downtown brooklyn that this is a great move. Both the public and private sector cannont just buy and building in the good times and just stop during the bad times, its constant growth. All you can do is buy well and plan/build well (not like small uneducated home buyers who pay stupid numbers on highly leveraged home mortgages that are not supported by rental or earned income)
Posted by: guest at March 26, 2008 2:32 PM
When you go to the "City Point" web site, it's interesting to note that of all the site pages offered in the stack on the left, the one named "Community" comes up blank! Pesky community! They must have read a page right out of the Ratner playbook. No wait, Brucie would have at least posted pictures of brown and black faces to show he's a player!
Posted by: guest at March 26, 2008 2:42 PM
2:22 - please explain to me how a lagging indicator in early 2008 is relevant to retail sales in downtown brooklyn in 2010+.
anybody can read the news. how about thinking about what you're reading instead of regurgitating soundbites ala the what?
Posted by: BrooklynLove at March 26, 2008 3:12 PM
two-pee-em: what is your source for this Target statement? I keep hearing this but no one can give me a source. Off the record, I asked someone who works in the national headquarters and she knew nothing about it.
Posted by: guest at March 26, 2008 3:37 PM
"What does Brownie know about the Biz Mark Biz Mark?"
Nothing!
"i'm looking forward to this tower"
Famous last words.
"This building will rely on it's retail to drive it's optimistic completion date. Real estate is down but Brooklyn shopping and spending is up. Remember this is Target's next home."
Target will be it's only tenant.
anybody can read the news. how about thinking about what you're reading instead of regurgitating soundbites ala the what?
Sources: Wall Street Journal, Bloomberg, CBS Marketwatch, CNBC and other main stream news sources.
125 Million to tear down and build. The age of malinvestment (thanks James Kunstler). This will go down as a big mistake! By 2010 we will be in DEPRESSION. Ignore the facts at your own peril!
The What
Someday this war is gonna end...
Posted by: guest at March 26, 2008 3:53 PM
"Sources: Wall Street Journal, Bloomberg, CBS Marketwatch, CNBC and other main stream news sources."
we know - that's painfully clear to anyone else who gets any daily feeds of financial news. what are you going to post once popular sentiment turns positive again?
"By 2010 we will be in DEPRESSION. Ignore the facts at your own peril!"
if you are right i will be your slave for life. the fed busted your bubble last weekend homie.
the anti-what rundown:
fed swapping mbs for treasuries
fed opens window directly to b-ds
ofac lowers fannie/freddie capital req to 20%
fhlbs mbs purchase limit raised
fed brokers jpm buyout of bear and backs risk to 30bill.
so far, fed > what. my money is on the fed.
what i really want to know is if the what was on line protesting at bear today.
Posted by: BrooklynLove at March 26, 2008 4:17 PM
Target @ Albee
via Daily News November
http://www.nydailynews.com/ny_local/brooklyn/2007/11/05/2007-11-05_target_signs_deal_to_open_a_store_at_cit.html
Retail in brooklyn for large chains will boom. case in point Ikea,Ihop,Urban Outfitters etc etc
Bam -Barclay- City Point will add more opportunities for retail
Don't hate...move!
Posted by: guest at March 26, 2008 5:14 PM
Thanks, 5:14. I'm still dubious, and I note that the quoted source is anonymous, but at least I know this isn't cut from whole cloth. --- 3:37.
Posted by: guest at March 26, 2008 6:01 PM
"so far, fed > what. my money is on the fed"
Your money is in the garbage. Last week was a sucker's rally. The markets are on life support. Plug keeps popping out. WTFU.
"Retail in brooklyn for large chains will boom"
Buy some shares. You won't. You know you'll lose. Your opinions are based on bogus GDP numbers that will be revised and revised and revised...
Posted by: guest at March 26, 2008 6:01 PM
I have something to say: I found out being civil is very cool. If you go off all the time people wont respect you opinion. For now on I will try to be civil and not get drawn in Vs v Vs attacks. However I reserve to right to change the rules of engagement.
Our Economy is imploding right now! The credit markets have seized up. Our Government is covering up the crimes of Investment Bankers. See the protest on Bears Sterns and JP Morgan, people are really upset. Food, Gas and other Commodities are very high now. I was at the Gas Station and there was no cars there. We are in end-game times and you can ignore our current situation at you own peril.
The What
Someday this war is gonna end...
Wow, must be the meds
Posted by: guest at March 26, 2008 7:22 PM
"Your money is in the garbage. Last week was a sucker's rally. The markets are on life support. Plug keeps popping out. WTFU."
volatility = cash money. these markets are great.
Posted by: BrooklynLove at March 26, 2008 7:42 PM
"Civil" That's cool What.
So man up, are you livin in BK?
Posted by: guest at March 26, 2008 8:46 PM
""Civil" That's cool What.
So man up, are you livin in BK?"
Naw man! I'm Repping Lodi NJ! L to the O to the D to the I!!
The What
Someday this war is gonna end...
Posted by: guest at March 26, 2008 9:12 PM
"volatility = cash money"
for the insiders. you're an outsider.
Posted by: guest at March 26, 2008 10:37 PM
10:37 - yes, i am an outsider, you shmuck. one of the most idiotic comments i've seen on this site.
Posted by: BrooklynLove at March 27, 2008 7:48 AM
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