Development Watch: Catsimatidis Ready to Go on Myrtle?

no way he builds now. He is too smart for that. Too much inventory in that area to add another 650 units.

Posted by: guest at May 14, 2008 12:38 PM

He already has financing. He is building.

Posted by: guest at May 14, 2008 1:18 PM

I hope he does build. Flood the market and push down the prices further in that area.

Posted by: guest at May 14, 2008 1:21 PM

Surveying is hardly the point of no return. Keep the cameras rolling.

Posted by: guest at May 14, 2008 2:07 PM

The housing is for low income apts with (optimistically) bottom floor retail. I'm thinking it'll resemble the new luxury apt on 4th ave and degraw.

Posted by: guest at May 14, 2008 3:04 PM

Well, BL, if you're going to bait me, I agree with 2:07. I've also seen a lot of Con Ed work going on near the site, but that's not going to push the Big Cat past the point of no return either. I'd love to see this project move forward -- I thought the design was excellent -- but the developer's ambiguity is palpable.

3:04, only a relatively small portion of this project was planned to be "affordable" housing.

Posted by: guest at May 14, 2008 3:46 PM

I'm A University Towers ("UT") owner (the buildings in the background). I can see the whole site from my living room window.

The earth moving equipment arrived about a month ago. There has been sporadic work at the site for months. It was never totally 'shut down'. I am not sure why Brownstoner has been reporting that the work was stopped. Slowed yes, but stopped, no.

Also, Catsimatidis just paid UT 4.5 million for our air rights. UT now has one of the best co-op balance sheets in all of NY (so no maintenance increase + all kinds of improvements for UT!). There is no way he would have gone through with the transaction if he did not intend to build something big.

And 12:48 and 3:46, go look at the project info on datter.com. It suggests 20% low income, 30% mid-income, 50% market rate for the 660 units. Therefore only 330 units will be on the market. Also, affordable housing will look good on Catsimatidis resume if he really does run for mayor.

So you can all stop ringing the death bell on this development. There are just measuring twice before pouring the foundation (i.e. condo v. rental, size of retail, hight of the tower, etc). It's just smart business practice.

And for one last time, there is a Bravo supermarket on Myrtle and Carlton. Why does Tish James repeatedly lie about the lack of services in the neighborhood. Jeez, walk an extra block.

Posted by: guest at May 14, 2008 4:08 PM

interesting.

Posted by: guest at May 14, 2008 4:24 PM

Thank Goodness we have someone like 4:08PM to speak the truth. A breath of fresh air! I look forward to see this development rise and the further improvement of downtown Brooklyn. I have to hand it to 4:08 for shutting up the NIMBY/Speculative morons.

Posted by: guest at May 14, 2008 7:09 PM

Thank Goodness we have someone like 4:08PM to speak the truth. A breath of fresh air! I look forward to see this development rise and the further improvement of downtown Brooklyn. I have to hand it to 4:08 for shutting up the NIMBY/Speculative morons.

Posted by: guest at May 14, 2008 7:10 PM

stroke me, 7:10

Posted by: guest at May 15, 2008 10:15 AM