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October 30, 2006
PACC recent unknown real estate acquisition
PACC has become a major luxury condo developer in Clinton Hill. Over the years their budget, which comes from NY State (our tax dollars) has REALLY expanded; who knows how big it is but big enough to be building a sixteen unit apartment building on Washington Ave between Gates and Fulton. That banal structure which supplants an old mansion, PACC tore down, a subject much discussed on this site a few months back. What's new is PACC is now tearing down a beautiful century old factory building at 21 Quincy Street, three doors away from the endangered Broken Angel residence.
PACC paid 4 million dollars for the factory and is now spending another 1-2 million to destroy it and replace it with another bigger banal apartment building of 40 units. PACC is supposedly in the "not for profit" business of "keeping the community together," but it seems PACC uses poor people the same way that Bruce Ratner does as a human sheild to hide its mercenary real estate expansion in a super hot realestate maket.. Watch out for PACC!
Comments
If you want to spew venom about PACC, why don't you do your homework first? As a non-profit, all PACC's financials are a matter of public record. Maybe you should start there first before spreading your anonymous rubbish.
Posted by: anon 202 at October 31, 2006 10:15 AM
Obviously as a builder of low and moderate income housing (among other projects, including helping to prevent evictions and provide other social services to those in need), PACC seeks to enhance its bang for its buck. Thus it may build out to the max of FAR any properties it builds. It seems to me that there probably is a role for the community in making sure that such efforts don't destroy the physical ambience of a neighborhood. Whatever you think about PACC's decision to forgo rehab a very decayed old mansion on Washington, I have to laugh a little bit at the the protests about a "beautiful" old factory building. There can be a beauty in an old structure, but if PACC can't replace a crackhouse mansion nor a old industrial building, what pray tell can it replace? Or must every building in Clinton Hill be preserved exactly as it is?
Posted by: putnam-denizen at October 31, 2006 3:41 PM
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