Development Watch: 159 Myrtle Avenue

The 421-a cut-off has now come and gone and we can safely report that Avalon ~~Myrtle~~ Fort Greene, the 42-story, 650-unit rental development at 159 Myrtle Avenue, made it safely to the other side. Anyone know how the 421-a rule works for a rental building? Does the owner just reap all the benefits?
Foundation Push at Avalon Myrtle [Brownstoner] GMAP
Development Watch: 159 Myrtle Avenue [Brownstoner]
Myrtle Building Boom from Above [Brownstoner]
So That's What Avalon Myrtle Will Look Like! [Brownstoner]

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the owner gets all the benefits.

Posted by: guest at July 8, 2008 12:22 PM

6,650 units! That can't be correct.

Posted by: guest at July 8, 2008 12:26 PM

6650 units; take it ezz. Typo?

Posted by: guest at July 8, 2008 12:28 PM

The tenants get rent regulation, which comes with guaranteed lease renewals -- much more than nothing.

Posted by: guest at July 8, 2008 12:39 PM

C'mon - Rent regulation is so awful and contrary to god's wishes and anithesis of all freshman college economic theory no developer and landlord would ever ever ever agree to it. Right, Polem and all the anti-reg folks?

Posted by: guest at July 8, 2008 3:26 PM

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July 8, 2008

Development Watch: 159 Myrtle Avenue

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