Catsimatidis Tweaks Blueprints for Myrtle Project

This is great news in several ways. First, and foremost, I am heartened by the fact that the well is running dry for govenment financing of so-called "affordable" housing. I hope that the tighter budget in City Hall and Albany will put an end to this govenment-sponsored housing lottery,in which the only winners are the bureaucrats who make a living off this nonsense.

Secondly, I am glad to see that the developer is continuing with the project, regardless of the financing situation. He's flexible and has moxie.

Benson

Posted by: guest at May 23, 2008 9:32 AM

Another elimination of affordable housing is hardly "tweaking". Is it any wonder that advocates for affordable housing, and those who look forward to living in these much needed spaces are cynical, and just angry, that at the first opportunity, the ENTIRE component of affordable housing is dumped like excess ballast?

If Catsimatidas does run for mayor, I hope this is not forgotten. It's a clear signal to anyone not wealthy that he would be another mayor with only the interests of the upper classes in mind.

Disappointing.

Posted by: guest at May 23, 2008 9:37 AM

John Castimitidis looks like the stereotypical fat, bald, bloated, overfed developer. He seems to be the poster boy for how the goal of the "American Dream" is really the goal of conspicuous consumption. I'd hate to have him as Mayor and have the world think that he represents what the hard working immigrants that come to New Yorker are striving for.

Posted by: guest at May 23, 2008 9:40 AM

I think Myrtle Avenue has huge potential over the next 20 years, but I highly doubt people are going to buy luxury apartments in that location right now. if they do, it's really great news, but come on...

Posted by: guest at May 23, 2008 9:45 AM

surprise surprise...!!!

the writing has been on the wall for a long time!

next to go will be the projects across the street from this site...

not demo'd but definitely conversion to
co-ops

*this area (er NEW neighborhood) should be coined LiMa.... (Little Manhattan)

Posted by: guest at May 23, 2008 9:49 AM

There's enough fantasy luxury housing in the area to support a fantasy Fairway! Build it and they will come...

Posted by: guest at May 23, 2008 10:00 AM

@Benson. Ditto.

Posted by: guest at May 23, 2008 10:01 AM

Who is to blame for the loss of affordable housing? I admit that I don't completely understand the bond issue. Why weren't the city and state able to assist in the development of the affordable units?

Posted by: guest at May 23, 2008 11:08 AM

Assuming this project is completed, this location will be just fine. Myrtle between Flatbush and Ashland will have the big Cat's project, Toren and Avalon "Ft. Greene". With the streetscape project and the return of our retail (I live at Univ. Towers around the corner, so I'm claiming the retail as well), it could be a nice little block

Posted by: guest at May 23, 2008 11:08 AM

There is a $ limit set in law on the bonding.
So if too many people looking for the financing then not all developers getting in on the program.

Posted by: guest at May 23, 2008 11:27 AM

So much for the bs that he had secured financing. I expect this project to keep shrinking, if not shelved entirely.

Posted by: guest at May 23, 2008 11:31 AM

I wish they would tear down those projects altoghether. That would be a dream come true. Nobody lives there anymore in any event....

Posted by: guest at May 23, 2008 12:25 PM

That part of Myrtle has always been a 'no man's land'. It so awkward to get to, and almost nothing withing walking distance. How they're going to fill up four buildings worth of luxury "affordable" housing (lol) is beyond me.

Posted by: guest at May 23, 2008 2:29 PM

Anyone on this blog able to give a factual account of what the deal is with those projects? I've heard here and there the city is trying to empty and sell them, that they are mostly empty, etc.. What's the capacity of those buildings? Why doesn't some bright spark in government sell the land for cash in and commitments to build the equivalent of the currently utilized capacity in the area? These buildings are prison-like, and the general thinking is that public housing needs to be integrated into the community. It's no win. Nobody is buying a luxury condo in this location in this environment.

Posted by: guest at May 23, 2008 2:39 PM

"no bank has $500 million to loan"

Had lunch with The What, Catsimatidis?

Posted by: guest at May 23, 2008 2:42 PM

and the dominoes continue to fall

Posted by: guest at May 23, 2008 3:45 PM

The article does not go into it, but I would not be surprised if this building ended up as rentals. Over on the Downtown Brooklyn Partnership website, they describe the project as 50% rentals / 50% condos. There is still a massive shortage of luxury rentals in downtown Brooklyn, so I think this project and the others (235 Gold, City Point, etc.) will do well.

Posted by: guest at May 23, 2008 4:14 PM

4:56 another example of inability to read between the lines.

Posted by: guest at May 23, 2008 6:50 PM

There is still a massive shortage of luxury rentals in downtown Brooklyn?

Don't you mean there is "a massive shortage of demand for luxury rentals in downtown Brooklyn?"

Posted by: guest at May 23, 2008 6:52 PM

Those PJs look perfectly inhabited to me. We're talking Ingersoll, right? I take the B54 bus about once a week, and there are plenty of people getting on and off for those projects.

Lot of nice, mature trees on that site, too. For what that's worth; maybe nothing.

Posted by: guest at May 23, 2008 7:33 PM

Are you using the Royal "We?"

Posted by: guest at May 24, 2008 11:53 AM

Isn't this great news for the people who have purchased units in Toren? Anyone living in the 12th floor or higher is guaranteed to get plenty of light (even if the view is not necessarily the most beautiful)?

Posted by: guest at May 24, 2008 1:14 PM

I think brooklynlove is only in love with that part of brooklyn that is rich. Probably a displaced Manhattanite who can't stand that he couldn't afford to live near Bloomberg.

Posted by: guest at May 24, 2008 4:53 PM

The Walt Whitman and Ingersoll projects are, to my knowledge, being vacated for MCIs, not for any demo plans. I believe that this was planned to run simultaneously with the redevelopment of Prospect Plaza under HOPE VI, which has been sitting gutted for over 8 years now. It speaks more for the federal government's starvation of public housing funding, that repairs started cannot even be completed, as the waiting list grows. The Whitman Houses seem to be in pretty decent shape, compared to some other public housing projects. Re Castimidis - I'm sure he will apply for 421-a, and he can either purchase Negotiable Certificates or reserve 20% of the units as affordable @ 60% AMI. Which do you think he will choose? He seems more interested in filling his fat pockets than in the quality of life in NYC. Another idealistic republican billionaire for mayor, no thanks. And I bet that he will utilize as many Inclusionary bonuses as possible to push through this awful project. /. CA

Posted by: guest at May 24, 2008 10:38 PM

10:38: what do you mean by "quality of life in NYC"? It's a completely subjective matter. If he builds higher-end retail that will certainly benefit everyone living in the neighboring high-end condos. On the other hand, it may disadvantage others in the neighborhood. Applying a paintbrush as wide as the city to the argument is a little disingenuous.

Posted by: guest at May 24, 2008 11:13 PM

11:13PM: Point well taken regarding high end retail. I did not consider this side of the argument. However, I would offer a more radical argument about the destructive nature of mass consumerism et al, but we should rather not argue in circles. My "quality of life" comment referred primarily to affordable housing, namely, that low income households deserve to live in decent housing in decent up and coming neighborhoods. I did not find C's arguments on volume cap persuasive, to the point that the entire affordable component required gutting. There's plenty of government money going around (some of which is much more attractive than the tax exempt bond financing + 4% low income housing tax credits), enough to sustain some component of affordability. If one factors in the 421-a changes that will affect this development, it probably will be more lucrative for C to include an affordable component in the project. His short-sightedness in entirely dismissing any affordable component says to me: "if I can't get the amount of bonds I want, I refuse to negotiate, i.e. my care for the low income's quality of life extends only so far as I can profit how I want from it, if I can't make a quick buck off housing the poor, I could care less if they live in squalor." It shows his true colors, surprise to everyone! /.CA

Posted by: guest at May 25, 2008 9:47 PM