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November 12, 2008

New Building Plan Filed for City Point

citypoint-brooklyn-1108.jpgWe've gotten a number of emails in recent weeks from readers wondering what was going on at City Point, the massive mixed-use development planned on the site of the former Albee Square Mall in Downtown Brooklyn. Demolition concluded a couple of months ago, and inactivity breeds suspicion in this market. We had heard through the grapevine that the changing market conditions had led Acadia Realty Trust, the project's developer, to go back to the drawing board to reconsider the mix of residential, office and retail. But fear not: On Friday, they filed a New Building application with DOB. It's unclear to us whether they are filing the project in stages, but this building is a lot shorter than previously planned. The original plan called for 500,000 square feet of retail, 250,000 square feet of office and over a million square feet of hotel and residential space. The new app calls for a 16-story, 268-foot-tall building with almost 900,000 square feet of space; it appears from the application that this is all commercial space. A call to the developer for clarification was not returned. Update: A follow-up story in the Brooklyn Eagle says that they are filing the project in stages.
Slowly But Surely at Albee Square [Brownstoner] GMAP DOB
Development Watch: Whole Hog at Albee Square [Brownstoner]
Development Watch: Albee Square Mall Gets Gutted [Brownstoner]
Development Watch: RIP, Albee Square Mall (Garage) [Brownstoner]
More Details on Albee Square aka City Point [Brownstoner]




Posted by Brownstoner at 9:29 AM | Comments (4)
Categories: Development, Downtown Brooklyn

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This will go down as the worse project in history! Why in the hell they tore down Albee Square Mall and don't say it was a dump. The Mutant Asset Bubble has messed up NY for years to come! Make me sick...

REALTORS: Commercial Real Estate Sectors Disrupted By Credit Squeeze, Weak Economy

http://www.huntingtonnews.net/columns/081111-kinchen-columnsrealtors.html

The disruption in the capital markets means many commercial real estate transactions have been canceled or postponed, while the weak economy has eroded otherwise healthy market fundamentals, according to a commercial market update and forecast presented this past weekend at the 2008 REALTORS Conference & Expo in Orlando, FL.

The credit squeeze is crashing all Real Estate commercial projects. Downey Financial was a big playa in California commercial Real Estate.

UPDATE 1-Option ARM specialist Downey Financial may fail

http://www.reuters.com/article/bondsNews/idUSN1048341220081111

NEW YORK, Nov 10 (Reuters) - Downey Financial Corp (DSL.N: Quote, Profile, Research, Stock Buzz), one of the largest specialists in "option" adjustable-rate mortgages, said on Monday its survival was in doubt because it may fail to raise enough capital to satisfy its regulators.

The sad part is if these Asshats can't get the money to finish this thing there will be a hole in downtown Brooklyn for 22 years. The implosion of the Mutant Asset Bubble is underway...

The What

Someday this war is gonna end...

Posted by: Return of The What at November 12, 2008 9:53 AM

Albee Square Mall *was* a dump.

Posted by: SnarkSlope at November 12, 2008 10:23 AM

Now it can be one literally!

In fact, I think that is the cheap and easy answer for Atlantic Yards too.

Posted by: Heather at November 12, 2008 2:10 PM

The attached article appears to have further info regarding City Point. Apparently, the 16 stories is part of the whole and project is going forward as planned. I hope.

http://www.brooklyneagle.com/categories/category.php?category_id=5&id=24521

Posted by: Junkman at November 14, 2008 6:27 AM

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