Development Watch: Slowly But Surely at Albee Square

On the business front, the Daily News Article from yesterday mentioned that the retail space is already one-third rented, and that negotiations are on-going for another third. We already know about Target (which should take up a major portion of the 500,000 square feet of retail) and we can assume that Forever 21 and Toys-R-US are probably coming back. I wonder who else is in the mix. There's certainly been a lot of talk about a home furnishings business (Restoration Hardware, Crate & Barrell, etc.)

Posted by: guest at July 1, 2008 12:38 PM

Great to see demolition starting up again. There was a period when the site was totally inactive. City Point is a crucial part of the Downtown Development Plan. It will be the centerpiece with the adjacent Willoughby Square Park (comparison's to Bryant Park in Manhattan) to go along with the Toren, Hotel Indigo and Sheraton etc.

Posted by: guest at July 1, 2008 1:15 PM

Or a Bed Bath and Beyond.

Posted by: guest at July 1, 2008 1:20 PM

Completely unrelated...but anyone know what is going on at nearby 80 Dekalb? No work has been going on there for months???

Posted by: guest at July 1, 2008 2:32 PM

Nice to see that go.

Posted by: guest at July 1, 2008 2:35 PM

Regarding 80 Dekalb, Forest City Ratner (the developer) just received $137 million in bonds for affordable housing at the site from the state Housing Finance Agency and the Affordable Housing Corp. I would imagine that things will start to pick up.

Posted by: guest at July 1, 2008 3:00 PM

3:00pm. I just checked the DCHR site. The $137 million has been allocated for projects statewide. Ratner's project is not even listed???

Posted by: guest at July 1, 2008 3:40 PM

to 3:40 .. DHCR is not agency mentioned by 3:00PM

Posted by: guest at July 1, 2008 4:34 PM

To 4:34. Correction DHCR. Oh! Was there another New York State housing agency that allocated $137 million for affordable housing today? Check out DHCR's website for today's announcement.

Posted by: guest at July 1, 2008 5:02 PM

Check out this article regarding public financing for 80 Dekalb:

http://www.brooklyneagle.com/categories/category.php?category_id=5&id=21538

Posted by: guest at July 1, 2008 5:53 PM

For people that view Downtown Brooklyn as a part of their childhood, your comments proclaiming how glad you are to see it go sound cold hearted. I passed the mall for the first time in a while this weekend and nearly cried. With every swing of a wrecking ball I feel like I'm losing Brooklyn, more and more.

Posted by: guest at July 1, 2008 6:31 PM

"6:31 - seriously. that mall has been a disappointing POS since day one and has insignificant (if any) bk identity unless you associate ugly ass architecture and 1980s retailers with brooklyn. you should be cheering this investment in the future of brooklyn.."

Brooklynlove, Albee Square Mall was one of best best things that happen to Brooklyn in the 80's. I know you was not in the city then. Now the Asshats are tearing down this place to build more Condo's and Office space. This is going to a disaster for Brooklyn, we are on the verge of a Depression. Here read this..

Manhattan Office Rents Fall, First Time in 3 Years (Update1)

http://www.bloomberg.com/apps/news?pid=20601087&sid=a.3zA59CZnFY&refer=home

And..

NY office market feels financial's pain - Cushman

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN0120205520080701

Get a load of this..

Landlords are reimbursing tenants for more of the cost of the improvements to their space -- now about 40 to 45 percent, up from 30 to 35 percent, said Gus Field, executive vice president of Midtown office leasing.

They are offering six to eight months of free rent on signing a lease, up from three or four last year, he said.

Hey Asshat! This is Manhattan! What do you think is going to happen to Brooklyn? Tick.. Tick.. Tick.. Tick...

The What

Someday this war is gonna end...

Posted by: guest at July 1, 2008 8:48 PM

"For people that view Downtown Brooklyn as a part of their childhood, your comments proclaiming how glad you are to see it go sound cold hearted. I passed the mall for the first time in a while this weekend and nearly cried. With every swing of a wrecking ball I feel like I'm losing Brooklyn, more and more."

As someone who was born and raised here I feel your sadness, no bullshit. This Mutant Real Estate Bubble has destroyed plenty of things we hold near to our hearts. This is why The What exists! That's why I Always will say "Someday this war is gonna end".. The only way it will end is with the collapse of our financial system.. The Asshats will not have any more money to carry out the covert agenda of Race/Class warfare. With this post you sum up the way I feel deep down inside...

The What

Someday this war is gonna end...

Posted by: guest at July 1, 2008 8:54 PM

BrooklynLove at what cost? That's is retarded. The hot money is leaving and the Asshats made the wrong bet. Brooklyn will look nice but it will be a depression.

"Refreshing to see that you're still sticking to your depression guns. hopefully you've used the last few days to get out of the gold position you built at 950."

I brought gold and silver early in the game 2005- 2006. I felt the hot money has gone into commodities. I expect gold to hit the 975 area and then, BOOM! The margin call will be "In Vogue" soon.

The What

Someday this war is gonna end..

Posted by: guest at July 1, 2008 11:43 PM

BrooklynLove

You are the man. Love your post on different sites. You, like myself, appreciate the Brooklyn Downtown Development. The tax dollars that will be created will be a tremendous help to the standard of living for all Brooklynites. I'm tired of watching all the money and jobs go to New Jersey (Exchange Place for one) when there is an excellent alternative here in the the best boro of New York.

Not just enthused by economics of the future but love some of the structures that are being created. Like the Oro and think that Toren can be a game changer. My guess is that City Point won't be shabby either. Add to these skyscrapers the Willougby Park and the 49 storied 346 Bridge plus Sheraton, Indigo, Hilton with Oro II, Avalon Bay and we got some progress in my backyard.

BrooklynLove, do you think there will be a triangular park (as seen in the attached rendering) across from the Toren supplanting the Design school that presently is there?. Also. have you noticed the vacant building that are behind the Toren (eastern edge) on Fair Street? Are there plans for this property or is it part of Catman's empire?

http://www.nyc.gov/html/dcp/html/dwnbklyn2/dwnbklynplan12.shtml

Posted by: guest at July 2, 2008 8:20 AM

"For people that view Downtown Brooklyn as a part of their childhood, your comments proclaiming how glad you are to see it go sound cold hearted. I passed the mall for the first time in a while this weekend and nearly cried. With every swing of a wrecking ball I feel like I'm losing Brooklyn, more and more."
------

Break out the violins, y'all!

You guys who are crying over the demise of the Albee Square Mall are freaking insane. What-- just because Biz Markie did a song about it you're all teary eared? Gimme a break!

BTW, spare me the nonsense of all this "born and raised" garbage and "coldheartedness." You're not impressing anyone with such corny sentimentalist pandering. I too spent my formative years going Downtown, and I'm happy to see the mall go. I'm not being coldhearted; I'm just not viewing the past through rose-colored glasses.

I'm also not a baby. You guys waxing poetic about some trashy ghetto mall are showing your age. It wasn't Albee Square that defined Downtown Brooklyn, but A&S (now Macys) two stores that used to be across the mall but closed in the 90s (McCrorys and Mays), and Woolworths. Albee Square--which was a step down from these places-- came much later. Why would I be coldhearted for being happy that some trashy mall is going when so much of my youth was spent going to these other places?

I don't even get the nostalgia, either. Albee Square Mall had a "few" good days in its early years but steadily went downhill just a few years after it opened. For the people who are "so sad" over its demise, exactly what are you missing? The last decade of its existence when half the retail spaces were constantly shuttered and the basement/ food court level virtually empty? The disgusting bathrooms that were never, ever cleaned or renovated? The loss of scores of retailers like Waldenbooks and Junior's cheesecake outlet? The really cheesy blingbling style renovation that took an already trashy mall and made it look even trashier than before? The violent killing that happened just a few years before it closed?

Puhleeez...

Posted by: guest at July 2, 2008 9:31 AM

At guest at 9:31 from guest at 2:31

I can't imagine how sad your life is to incite such a strong reaction to a complete stranger. If my post was waxing poetic then we have different definitions of what that is. It was also never my intention to impress anyone on this blog with my comment. The feelings I expressed are not just about the mall, it's the losing of Brooklyn in general. You can save the "showing your age" crap too. I know all about Mays and Woolworth's and Everyone's and The Wiz. I could go on.

I am not impressed with your violent crime statistics either. I'm from the projects, I know violence and I wont miss it. But if you think making downtown Brooklyn into Manhattan or even Jersey will stop crime and bullshit from being built then I can't imagine that you really spent your formative years in this borough.

Posted by: guest at July 2, 2008 9:09 PM

BrooklynLove. thanks for the info about east of the Toren. This property is just too valuable to just sit there.

I read this blurb on nyc.gov:

Willoughby Square is proposed south of MetroTech to establish a corporate
address for the new commercial office buildings and to provide an attractive
environment for evening and weekend use by residents and employees.
The space would include cafes, restaurants and new retail establishments.

A triangular park is proposed on Flatbush Avenue Extension at the entrance
to Willoughby Street. This park will provide a gateway from the Fort Greene
community to Willoughby Square and the new commercial core office
buildings.

http://www.nyc.gov/html/dcp/pdf/dwnbklyn2/downbklynfull.pdf

Posted by: guest at July 3, 2008 7:47 AM

But they are brooklynlove exclusive right now. How many members of the "diverse (read black/poor") community can afford to live in this part of town now? How many of the businesses that stuck it out while downtown was less than stellar will be invited back after the development phase? None. I'm not saying that I think downtown, or the rest of Brooklyn is just fine the way it is. I just don't think it's fair to the people who have been here all along and dealt with the bullshit to have to leave just when it's getting better. I think you are misunderstanding what I meant by losing. Brooklyn will always be Brooklyn in name, but it will cease to be mine when I can't afford to stay (or am unwilling to pay the asking price).

Posted by: guest at July 3, 2008 10:40 AM