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November 10, 2008

Big Plans for 470 Vanderbilt

470-Vanderbilt-1108.jpg
470-Vanderbilt-Rendering-1108-b.jpgFor the last several years, the building and parking lot at 470 Vanderbilt Avenue in Fort Greene have sat largely vacant. A year ago, GFI Development purchased the 600,000-square-foot property from the Carlyle Group for $50,000,000. Since then, the Manhattan-based developer has been working closely with community officials to reposition the underused asset as a mixed-use project that would bring much-needed affordable housing to the area. With that goal in mind, GFI has put together a proposal for a project that would be larger than allowed under current zoning rules in exchange for extra affordable housing. The result: A 10-story new building (versus the seven stories allowed as of right) on the current parking lot with 270 units of a market-rate housing and 100 units of affordable housing. The developers hope to be able to attract a large grocery store to the retail space (and possibly even a bowling alley!). Meanwhile the existing telecom building will be repositioned as Class B office space with retail (a bookstore or cafe, they hope) on the ground floor; the large floor plates are currently for rent in the $30-a-foot range. "The telecom building has stood for far too long as a symbol of stagnation representing the challenges of fulton street east," said Council Member Letitia James. "I thank GFI Development for working with my office and the community in meeting the needs of the community and serving as a springboard for the revitilization of Fulton street east." Initial discussions with both City Planning and Community Board 2 have been positive. Next up: ULURP.




Posted by Brownstoner at 9:15 AM | Comments (12)
Categories: Clinton Hill, Development, Fort Greene

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Comments

This would be friggin' awesome

Posted by: itsagas at November 10, 2008 9:39 AM

There is a NYCHA building and several Mitchell-Lama buildings across the street from this site so I find it odd that they want to put more affordable housing in this spot. That said, development of this site would be welcome since it has been sitting unused for years and would help everyone in the area. A nice big supermarket and more retail would be wonderful. It would help to link the pre-existing retail on the east and west of this location and help spur more growth and development heading east of this location.

Posted by: 11233 at November 10, 2008 9:44 AM

^ you do realize that "affordable housing" is very very VERY different than projects right? in the projects you don't need to have an income and working is frowned upon. with affordable housing, guess what? you do need one. the only gripe i do have with affordable housing is the income limits... it's always either so low or way too high :-/

-rob

Posted by: PitbullNYC at November 10, 2008 10:18 AM

Great! This parking lot is a blight on the streetscape. Filling it in would improve walking conditions in the area dramatically.

Posted by: zinka at November 10, 2008 10:35 AM

pitbull: You do realize that the bulk of the housing across the street is Mitchell-Lama. You DO need a job and rent is based on how much you make. And, since I used to live directly across from the NYCHA housing, lots of people in that building do have jobs.

You need to bring it down a notch, Rob.

Posted by: 11233 at November 10, 2008 10:48 AM

Those specific Mitchell Lama houses are larger and nicer than the "luxury" condo I live in. I've seen both...

More affordable housing in this area would be great. I hope this happens,ideally with a Starbucks and Barnes and Noble, but you know, they pay me to say that.

(Okay, they don't, but they should.)

What, if anything is in that telecom building now? I've been wondering for ages.

Posted by: Heather at November 10, 2008 11:13 AM

Heather, that's what I wanted to know. I remember in 2000 or so, rumors abounded about what would go in (memorably, some people told me they heard Microsoft was setting up an eastern campus there). but i don't recall ever seeing anything going on here. I do recall that it caught on fire a few years back, but it only did some aestethic damage to one wall. did this place ever have meaningful employment?

Posted by: Jimmy Legs at November 10, 2008 12:28 PM

I've lived up the block for 6 years and have never seen any activity there. Not even a car in the lot. Oh wait, except for that time an SUV was set on fire and then left to rot for months. While I'd like to see the space used, and a nice, clean grocer would be nice, I won't be looking forward to a construction site outside my door.

Posted by: mksk at November 10, 2008 12:40 PM

470 was acquired by Carlyle Group to create telecom hotel and data center in 1999. The building was a mess. It was totally cleaned out environmentally and rebuilt, over $80mm spent. Over half was leased in 2000-2002. Some telecom/data use is still there, though most wasn't installed as demand for server farms and telecom space dropped off a cliff in 2002. GFI Development bought in and is creating a first class office property as written, with housing on the parking lot, and much badly needed retail.

Posted by: BK realestate veteran at November 10, 2008 4:19 PM

Vet', can you explain to me how the Carlyle Group and the Economic Development Corporation so grossly miscalculated the market?

Posted by: g man at November 10, 2008 6:49 PM

With the market being what it is this probably won't happen before 2020. Digital Island was supposed to take over that site and then came 9/11. The city condemned the houses that were located on fulton st. between vanderbilt and claremont, and promised those people who were living there first dibs on new housing at that site, that was back in the 70's and most of the tenants were old people so they are probably now long dead,so I won't hold my breath. Besides, Brooklyn is already on it's way to becoming another over populated little Manhattan.

Posted by: momo284 at November 10, 2008 8:12 PM

Wow. Great news. (I think). I live nearby and always thought that place was spooky. AND it annoyed me that they had so much unused parking. It reminded me of the old movie Lucky Man, like what was going on in there anyway. I am delighted that there may be some retail over there-- it is a retail desert over here. We desperately need a good supermarket around here. A book store would be great. A bowling alley? Well, whatever.

Posted by: donatella at November 10, 2008 11:25 PM

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