Being a proud owner of a Toren one bedroom, I was relieved to see in Brownstoner that the City has completed its purchases of the necessary lots to build Willoughby Square Park. With the economic disaster, it crossed my mind that they would renege.

This park along with City Point will go a long way into making this immediate area a 24/7 community.

http://www.citypointnyc.com/

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

The large residential building at 111 Lawrence is a real shocker. I believe it will be over 50 stories. If the quote from Field of Dreams is correct, "build it and they will come" then this area will eventually be a thriving, populated area with individuals of decent net worth. That has to make Marty M. feel pretty good.

Posted by: Junkman at January 30, 2009 7:46 PM in response to Avalon and Toren Rising

Creature,

I've been in the neighborhood for ages. I'll give you the lowdown on the best restaurants. My wife and I don't cook so I have had ample opportunity to visit them all.

My local hangout in Brooklyn Heights, for the best italian food around, is Noodle Pudding on Henry between Cranberry and Middaugh.

Posted by: Junkman at January 15, 2009 8:08 AM in response to Development Watch: Avalon Myrtle in High Gear

According to Target, their Brooklyn Store is their highest grossing store in the country.

Logically, there is an excellent possibility that this new Target will attract consumers from the the immediate surrounding area. In New York City, a 15-20 walk is an eternity. As I'm sure you are well aware, someone living in the Heights has, in all probability, never been to Fort Greene. When one doesn't use or own a car, a neighborhood becomes a focal point for ones shopping.

With the Oro, Toren, BellTel, 111 Lawrence, and tons of other condos in their infancy, this location is a can't miss.

There is no doubt in my mind that the area can support both. Don't think it is a stretch to anticipate that both will be in their top 10.

Posted by: Junkman at December 1, 2008 7:49 AM in response to Development Watch: Avalon Rising on Myrtle

I almost forgot. The most important development in this area, City Point, should start building in January. This building is projected to be the tallest building in Brooklyn. The good thing is it has many tenants with Target being the anchor tenant.

It will be both residential and commercial with tons of commercial space.

citypointnyc.com

Posted by: Junkman at November 29, 2008 9:12 AM in response to Development Watch: Avalon Rising on Myrtle

Also don't forget 111 Lawrence (51 story)

http://www.brownstoner.com/brownstoner/archives/2008/11/111_lawrence_re.php

80 DeKalb (365 rental unit)

http://www.brownstoner.com/brownstoner/archives/2008/09/development_wat_292.php

388 Bridge (360 unit)

http://www.brownstoner.com/brownstoner/archives/2008/11/development_wat_320.php

Anyone who says "who cares" has no concept of what this area will look like in 5 years. Surprisingly, developers are still building.

And if Avalon Bay is truly buying this large parcel of land, watch out:

http://www.brownstoner.com/brownstoner/archives/2008/11/huh_laboz_sells.php

And yes, that building (Toren) next to the Avalon Bay Luxury rental development looks fantastic. That "curtain wall" is as pretty as I have ever seen, including Manhattan.

Posted by: Junkman at November 29, 2008 9:06 AM in response to Development Watch: Avalon Rising on Myrtle

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 in response to New Building Plan Filed for City Point

Not a rumor. City Point has halted all work for over 3 weeks now. I talked to the watchman outside and he said that City Point developers had to halt construction to redo interior plans to accommodate a new tenant. Apparently, a new blueprint had to be submitted to DOB for approval. I hope he is right. That is much better than stopping due to slow economy or lack of financing.

Personally, I am dubious that he is correct.

Hopefully, someone can find an accurate explanation for the work stoppage.

Posted by: Junkman at October 30, 2008 9:34 PM in response to Avalon from Above: Seven Weeks Later

"post is entirely based on DDDB's press release and the AY report"

I agree that the coverage is sadly very biased. I read this same press released as if it was an objective perception. Very sad reporting indeed.

Posted by: Junkman at September 18, 2008 11:11 AM in response to AY Arguments Heard at Appellate Court

Not sure about regulations regarding underground parking but remember there will be a ton of underground parking under the proposed Willoughby Square Park plus City Point will have a lot of parking space available. Also, common sense will dictate that both Flatbush and Myrtle vehicle lanes will be improved in some manner.

http://www.nyc.gov/html/dcp/html/dwn_bklyn_ped/dwn_bklyn_ped_foc6.shtml

Here is a rendering provided to us Toren owners by LilBitOFLuck of proposed Avalon Bay outdoor landscape.

http://www.mossgilday.com/projects/goldstreet.html

By the way, Toren won some awards yesterday:

CNBC gave property awards to Toren for:
- "Best Condominium New York"
- "Best High-Rise Architecture USA"

Very exciting to have such an award given to a Brooklyn based condo. Great news for BKLYN

Posted by: Junkman at September 5, 2008 8:12 AM in response to Development Watch: Avalon Fort Greene from Above

Not sure if this is fact BUT when I was taking a tour of Belltel on Saturday, the saleswoman made a point to say that Whole Foods had a preliminary contract to have a store at City Point. Don't know if this is fact though she did appear to be up on what is happening in the immediate surroundings of BellTel.

I don't know why I said Avalon Bay Luxury Condos. Obviously they are rentals. I'm taking pain killers for kidney stones and cannot be held responsible for anything I type in today.

Correct, City Point around 2 years which in my time frame is very soon. I figure to move into Toren in around a year and another year is just fine.

Remember, behind City Point going west is the Willoughby Square Park, Sheraton, Loft, Indigo Bay, 47 story 384 Bridge, 51 story Residential Tower on 107 Lawrence St., 80 Dekalb, to name a few. Most of the above are active sites.

Anyone walking in the area can see a lot is happening. This may create an oversupply in the short run but i can guarantee that eventually all will be filled with individuals who will take great pride of the neighborhood and do what is necessary to keep it on its positive course.

Posted by: Junkman at August 27, 2008 1:31 PM in response to Closing Bell: Top of the Toren

Don't understand why one has to belittle the Toren location to compliment the Forte's. The fact is both areas are going to be immensely improved in the coming years. The Toren neighborhood will be radically different in a few years. Radically.

If you have done your research of the area and account for the present construction and that which is imminent your comments about the Toren neighborhood would be more accurate. City Point will be a magical building, tallest in Brooklyn, and will be across the street from the Toren on the way to the R train. Also walking through Metrotech to get to the A is anything but dangerous.

http://www.brownstoner.com/brownstoner/archives/2008/01/more_details_on_1.php

Let's be accurate. Surely a graduate student like yourself can appreciate a little homework before commenting. Those of us who have purchased in the Toren are not hoping that the Avalon Bay Luxury Condos will be built, it is being built. That goes for City Point and a multitude of projects that are presently being constructed in the area.

Lastly, I agree with your comments about Fort Greene and its environment. When BAM construction begins, this area will take off even further.

http://www.brownstoner.com/brownstoner/archives/2008/06/norten_design_f.php

plus Ratner's 80 Dekalb

http://www.observer.com/taxonomy/term/56597

plus many other projects

One doesn't have to degrade one area to build up another. Both are in good position to be something very special in the near future.

Posted by: Junkman at August 27, 2008 8:23 AM in response to Closing Bell: Top of the Toren

I would also like to compliment Brownstoner for taking a stroll on the upper most regions of the Toren to take those pictures. It is very scary up there walking on tin and unstable footing. My hat is off to you guys since you went beyond the call of duty.

Posted by: Junkman at August 27, 2008 8:00 AM in response to Closing Bell: Top of the Toren

The wind current in this location is amazing at times. Although I would love to go to a common area with a view like this, it isn't practical.

Posted by: Junkman at August 27, 2008 7:53 AM in response to Closing Bell: Top of the Toren

Correction

This is the top floor. All I can say, it looks much better in person.

Posted by: Junkman at August 26, 2008 6:01 PM in response to Closing Bell: Top of the Toren

I'm proud to say this is my view minus 2 floors. If I'm not mistaken, this picture was taken on the 31st floor. The 31st floor is the highest cemented floor that is safe to walk.

My view on the 33rd floor shows more of the East River in front of the downtown business district. Even 2 floors makes a difference, trust me. Wish I could have afforded the 37th floor for what I'm sure is an incredible view.

This view should be protected since it is overlooking landmarked status neighborhoods. Though, with respect to Downtown Brooklyn, nothing is set in stone. And that is a good thing, rapid development.

I'm shocked (No I'm Not) we got the same idiots claiming that the building isn't 50% sold when I went to great lengths to explain to them on the last thread that it is.

76 units in contract, 42 affordable units in contract = 117/240=49.16% in contract

I can explain where StreetEasy got it wrong with sales figures but is isn't worth it. Trust me figures above are correct.

Toren price points were excellent out of the gate and as a consequence, they are increasing prices every Amendment (5 in total) and showing up arrows as opposed to decreasing prices like other developments in the neighborhood.

These are the facts now you can continue to post bad statistics.

Anyone disputing this total doesn't have the real figures and for some reason want to diminish the Toren accomplishment to date. What their agenda is is beyond me.

Posted by: Junkman at August 26, 2008 5:58 PM in response to Closing Bell: Top of the Toren

Toren condo is pursuing Gold LEED certification. One of the main reasons I purchased one of their units. Fact that we are off the Con Edison grid has got to be good thing.

Posted by: Junkman at August 15, 2008 4:54 PM in response to Bird Blog: Week 14

BrooklynLove,

As usual, you got it right. Just reading about this socialistic nonsense in The Real Deal today. What idiots. How to squash development in one single move. It is shocking that these guys don't understand disincentives to development in their neighborhoods. Don't want change cause it affects their current constituency and voting base.

If there were 10 junkies on the corner who represented 51% of their voting public, they would vote for heroin giveaway zones. People hate change.

Posted by: Junkman at August 13, 2008 2:46 PM in response to 421-A Boundaries Shifting Again?

Yea, when I purchased, I was told to flick my lights on and off on the half hour to simulate sales office demo.

Posted by: Junkman at August 13, 2008 11:55 AM in response to Toren Really Showing Its Skin Now

Anyone taking a walk in Downtown Brooklyn can see the effect of this "Demographic inversion" in an exaggerated form. Skyscrapers popping up all over and Hotels plus Willoughby Square Park. In the case of Downtown Brooklyn, this displacement was expedited via the use of eminent domain. City Point, which will be the tallest building in Brooklyn, was a direct beneficiary of this. In other parts of the outer borough's, this displacement will continue in a much more gradual way.

Anyone walking down Flatbush near the Manhattan Bridge will be shocked to see the amount of construction of luxury high rises both condo and rental plus hotels. Great for Brooklyn not so great for those being displaced. What did President Carter once say, "Life is not always fair".

Posted by: Junkman at August 8, 2008 10:44 AM in response to News Flash: Everyone Wants to Live in the City

It's incredible how many Hotels have made the decision to build in Downtown Brooklyn. First there was the Marriott, then the Nu on Smith, the Sheraton, the Loft, the Indigo (all on Duffield), the Hilton Garden Inn and Homeward Suites in Oro II, and now Cambria Suites. I probably left out a few.

Point I am making, is that a lot of very smart people see a future in Downtown Brooklyn otherwise they wouldn't all be making such a significant investment. These companies usually have a long term outlook so may not get immediate payback but surely they think they can make money down the line.

If Ratner can get that stadium built along with City Point, I think they all got it right.

Posted by: Junkman at August 4, 2008 11:34 AM in response to DOB Green-Lights Cambria Suites Hotel on Schermerhorn

One more thing about small businesses being crowded out. Read the attached article about my favorite eatery during lunch time. They have an excellent product, which I can attest to personally, and have now found a new and better home with the help of MetroTech BID.

http://www.brooklyneagle.com/categories/category.php?category_id=6&id=21230

Giselle, makes excellent sense. For thriving businesses, the city should help them relocate if staying in the same location is impossible. Heaven knows, my life would be severely impacted without Tio Pio's delicious latin food.

A win/win situation is best for the storeowners and best for Brooklyn.

Posted by: Junkman at August 1, 2008 2:00 PM in response to DoBro Redevelopment Not So Great for Everyone

Even though your tag refers to you as bxgirl, I'll assume you are from Downtown Brooklyn. I, too, have lived here 26 years and I love Brooklyn to death. Not an outsider.

Brownstoner began this discussion referring to City Point, Willoughby Square Park, and Willoughby West. This area was truly a wasteland before this redevelopment began. I ask you again to go to google and type in 150 Myrtle and check it out.

I love the Fulton Mall and I truly believe that there is a tremendous market for many of the goods that are sold at that location. Of course, there is a possibility that market conditions will dictate higher rents for that area thereby pricing out certain businesses. If that happens, it is because the area has improved and landlords feel their investment can gardner further gains. That is capitalism.

The owners that are priced out will find locations that have cheaper rents and then that community will start to thrive. That is what a dynamic economic environment is all about.

If you have a product that people want then it will find a location to sell.

There was mention of 4 stores that were dispossessed? What did we get in return for these stores? A park the size of Bryant Park right in the middle of this redevelopment. If I lived in the Ingersoll Housing, I would welcome a park as opposed to the blight that was there previously. Again, go to google and see what it looked like. City Point will be a tremendous engine for economic growth in Brooklyn. Any reasonable person doing a cost benefit analysis would clearly see that redevelopment is beneficial to Brooklyn as a whole.

People need jobs and this development will create tons of jobs in Brooklyn that didn't exist before.

I appreciate your sentiments but unfortunately, money makes the world go round and Brooklyn needs to get in the game so we can get our share.

Posted by: Junkman at August 1, 2008 1:45 PM in response to DoBro Redevelopment Not So Great for Everyone

Downtown Brooklyn redevelopment is a unique circumstance primarily due to the 2004 Downtown Brooklyn rezoning with respect to air rights. These air rights plus the Flatbush Corridor's ideal location with respect to Manhattan and many of Brooklyn's most affluent communities such as DUMBO. the Heights, Cobble Hill, Boerum Hill, Fort Green, and Park Slope makes this location an ideal candidate for attracting a business community that has previously been moving across the Hudson to Exchange Place and other communities outside Manhattan. MetroTech has been a huge success.

These tax dollars are crucial to all of NYC citizens from rich to poor. Those subsidies that were mentioned by others to support the small business owners have to be paid for with tax dollars. Downtown Brooklyn Redevelopment will bring huge tax dollars from new retail needed to cater to major inflow of residents. Hotels like the newly built Sheraton, Loft, Indigo etc. bring jobs and tax dollars to the local community as well.

All one has to do is go to google maps and see what this area, basically I'm referring to the Albee Square area, looked like a mere 2 years ago. (Google maps haven't been updated.) It was a wasteland. When City Point is completed, this area will be a 24/7 thriving community with life.

Some retailers will benefit some won't but those that are successful now will continue to be successful as long as their is a market for their goods.

Posted by: Junkman at August 1, 2008 12:13 PM in response to DoBro Redevelopment Not So Great for Everyone

Please don't judge Flatbush Corridor on what is there now. When City Point is built, where the old Albee Square Mall was, this will have a major impact on the Flatbush environment. Add to this the completion of Avalon Bay, landscaping of Flatbush. Willoughby Square Park etc. and Flatbush will be much different in 3 years than what you see now.

Posted by: Junkman at July 29, 2008 7:03 AM in response to Be@Schermerhorn Website Fleshed Out, Still No Pricing

BrooklynLove, your pictures of Downtown Brooklyn Development were fantastic. They made my day. It is nice to know that I'm not the only person, other than Marty Mark, that is gaga over what is going on in this area.

Just came from the citypointnyc.com site and can't believe that it will have another mate with 388 Bridge. Condo's or rentals is the question. One thing that has to be remembered is that along with these skyscrapers comes a beautiful park with underground parking plus landscaping of Flatbush and Myrtle. Sheraton moving along nicely, then Aloft, then Indigo, then Hilton's, plus 80 DeKalb ....

When Lebron is playing down the block and I'm sitting in my season box, then I know I have reached Nirvana.

Posted by: Junkman at July 24, 2008 5:05 PM in response to Development Watch: 388 Bridge Street

This area will indeed be incredible in 3-5 years.

Remember that down the block we have other developments:

160 Schermerhorn

http://www.brownstoner.com/brownstoner/archives/2007/11/development_wat_150.php

189 Schermerhorn

http://mcbrooklyn.blogspot.com/2008/01/downtown-brooklyn-189-schermerhorn.html

Add to this City Point, Toren, Oro I & II (Hilton) plus BAM construction and Smith restaurants and so much more. I'm so excited I bought in the Toren leaving my rent control apartment in the Heights which I lived 28 years.

If you guys get a chance, check out the curtain wall going up on the Toren. Very nice. Can't wait to see what Avalon Bay will look like. And when Willoughby Park is started next to City POint and Sheraton wow. I'm so excited. Yea Go Brooklyn and Marty you are the best.

Posted by: Junkman at July 17, 2008 2:15 PM in response to Another Hotel for Downtown Brooklyn

BrooklynLove,

Thanks for pictures of Downtown Brooklyn on other site. Excellent work. Truly appreciate it.

Posted by: Junkman at July 14, 2008 4:48 PM in response to Toren: Naked No Longer

Call me nuts but it warms the cockles of my heart. ( Don't ask me what cockles are? I don't know but it is a common phrase I repeat without knowing what the hell it means.)

Imagine having a problem with too many towers in Downtown Brooklyn. It is fantastic. The more the merrier as far as I'm concerned. Hope Avalon Bay and City Point build some beauties in the next 2 years.

As far as views from the Toren, I'll enjoy the view of walking up to it and entering this gorgeous building after a hard days work. I can't wait.

Posted by: Junkman at July 7, 2008 4:23 PM in response to Development Watch: 162 Myrtle Avenue

Boy Genius.

I have lived in Brooklyn Heights, considered by many to be the most affluent part of Brooklyn, for 26 years across the street from the only public elementary school in the neighborhood PS 8. This school has only begun to improve over the last 5 years primarily due to an excellent principal. Brooklyn Heights doesn't even have a public middle school.

You make it sound like this problem with finding a decent public school will be unique to the Flatbush corridor? Where have you been?

At least there are excellent private schools nearby, which can't be said for other parts of the city. As you mentioned earlier, Packer Collegiate Institute, St. Ann's are two of the finest in NYC plus Fantis Parochial School on 195 State, Berkelely Carroll School, Brooklyn Friends School on 375 Pearl. St Francis Xavier School, Brooklyn Heights Montessori School. One of the best public high schools in the city is down the block, Brooklyn Tech.

Where do all the children in Boerum Hill, Cobble Hill etc send their kids? You can ask that question for just about any locale.

The fact is, those families that are moving into the high rise corridor of Flatbush will probably have more than enough resources to take care of their kids education. Have you checked to see what a 2 bedroom cost in any of these buildings?

Ideally, it would be great if the neighborhood public school can have a great mixture of socio-economic groups of children of different races. It took forever for that to happen here in the Heights and it still is a work in progress.

In conclusion, your concern for the children of the corridor is misplaced, they will have no problem getting the education they need. If you really are concerned about where the next generation will be educated, offer your time and money to an inner city school where many of the families are broken and financial resources are limited.

Posted by: Junkman at July 6, 2008 1:15 PM in response to Toren: Naked No Longer

Yea, miss those transvestites.

Haven't been around there for a while. Too busy enjoying Brooklyn.

Posted by: Junkman at July 6, 2008 6:49 AM in response to Development Watch: Sheraton Hotel Fully Aloft

Nice work on lot information, BrooklynLove, appreciate it.

Yea, a Cipriani is exactly what I had in mind. Check out the pictures below of what it looks like:

http://www.cipriani.com/cipriani/Locs/42main.htm

and compare it to the possibilities of the Dime Savings Bank:

http://www.forgotten-ny.com/NEIGHBORHOODS/albee/albee.html

Once new condo residents populate Albee Square area plus residents from Heights, DUMBO, Cobble Hill, Boerum Hill, Fort Greene, Park Slope, Vinegar Hill, and Carroll Gardens, this space could be the centerpiece of the good life. Yes, $10 Amstel's maybe even $12. (Need to charge premium dollars for premium space. Williamsburg Bank space is asking $2 million for a year's lease.)

You know Marty appreciates a good meal and we could surely twist his arm to kick off opening night with one of his "Brooklyn is the greatest" speeches.

If I only had the money. What better name for the establishment than "BrooklynLove". Very appropriate.

Take care and keep up your informative posting here and everywhere else.

Posted by: Junkman at July 6, 2008 6:40 AM in response to Toren: Naked No Longer

"Build it and they will come."

Logically, don't you think an enterprising entrepreneur is envisioning capital opportunities in this area? I can assure you that even if Red Apple Development didn't decide to build a grocery store and Duane Reade on Myrtle/Ashland in his first development someone else would have filled the gap.

Personally I use Fresh Direct. You can bet that between all these new condo developments there will be cleaners, specialty food outlets, and restaurants looking to gain a foothold.

Doesn't take too much imagination to realize that all the new hotels will have restaurants on their premises.. New hotels are Sheraton, Hotel Indigo, Aloft, Marriott, Hilton etc. all within a block radius from the Toren. Do you think that City Point, across the street, will have a restaurant or two or three to serve the projected tallest building in Brooklyn.

BrooklynLove, how about partnering up with me and us leasing up the space under the Dime Dome, now wasted as a retail bank under the soon to be bought out Washington Mutual. You know the neighborhood as well as anybody, can't you see this space serving as a high end restaurant drinking establishment. It is an incredible space wasted as a banking facility. People don't appreciate the surrounding when they go here to transact business but to sit there and have a meal and a few drinks with clients under that gorgeous dome would be a transcending experience. I project a one of a kind restaurant there in a few years.

Can you imagine for a second the disposable income that will be concentrated in this area in 3 years?

Oro, Oro II, Toren, City Point, BelTell, Avalon Bay, FlatIron, 235 Gold, 168 Nassau, 80 DeKalb, 384 Bridge, University Condos, NYU. LIU campuses, MetroTech and more.

Don't you think this population will attract retail?

By the way, I stand corrected by putting so much emphasis on the S.O.M. brand, I worked with a few idiots from Harvard which should have taught me a long time ago not to generalize though I do like what i see so far. Hopefully the Toren will meet up with my expectations.

Posted by: Junkman at July 5, 2008 4:27 PM in response to Toren: Naked No Longer

Can't recall whether I have ever seen a neighborhood go through such a radical change in such a short period of time as Downtown Brooklyn along Flatbush. I remember, vividly, the transformation of Battery Park and Exchange Place in New Jersey since I worked in the immediate area but these areas weren't neighborhoods.

Can anyone recall a similar transformation in NYC?

On second thought, the transformation of Avenue of Americas recently in the 20's and low 30's may be similar. From a flower market to one high rise next to another. I'm not from that immediate nabe but was shocked by the transformation there also.

http://query.nytimes.com/gst/fullpage.html?res=9A04EFD71231F933A25753C1A96F958260&sec=&spon=&pagewanted=all

Posted by: Junkman at July 4, 2008 10:16 AM in response to Development Watch: Sheraton Hotel Fully Aloft

I've been accused of being overexuberant, in the past, about my love for the Toren project so I'll restrict myself to answering a question posed earlier about surrounding area.

Apparently, almost all surrounding structures are on schedule from the information I could gather.

Avalon Bay luxury rentals is progressing nicely on its 44 storied building to the North. (refer to Brownstoner on June 2nd)

http://www.brownstoner.com/brownstoner/archives/2008/06/development_wat_240.php

The Red Apple project to the east has started on the first of four luxury condos, that being the one closest to Ashland Avenue. (refer to Brownstoner May 29th)

http://www.brownstoner.com/brownstoner/archives/2008/05/cat_man_plans_g.php

City Point is projected to start in October/November and are presently active in the demolition stage. Completion date estimated in 2010.

http://www.brownstoner.com/brownstoner/archives/2008/07/development_wat_252.php

http://www.brownstoner.com/brownstoner/archives/2008/01/more_details_on_1.php

Oro II is inactive but it appears it is a done deal with a Hilton subsidiary being the largest tenant if not 100% tenancy. (refer to Brownstoner April 22nd)

http://www.brownstoner.com/brownstoner/archives/2008/04/second_oros_hot.php

When the city starts moving forward on the demolition for Willoughby Square Park and projected pedestrian-oriented streetscape, I'll be ecstatic.

Hopefully, when skycrapers are nearing completion the city will feel the pressure of fulfilling promised landscaping.

Posted by: Junkman at July 4, 2008 8:35 AM in response to Toren: Naked No Longer

Regarding NYU merger with Tech, NYU was especially interested in air rights of current Tech buildings which would allow them to expand upwards via unused air rights. (see below copy)

"Promoted as a win-win for both institutions, the deal may be a bigger win for NYU. Poly alumni who question the deal say call it a land grab--though a definitive analysis is impossible, given that details of the deal remain confidential Poly, with a $135 million endowment and some prime real estate, is worth hundreds of millions of dollars--alumni suggest $500 million--but NYU wouldn’t pay out any cash initially, even though it likely would have to spend hundreds of millions of dollars to start its own engineering school or gain a beachhead in Brooklyn. (NYU's endowment is more than $2.5 billion.)

Rather, NYU would offer Poly the benefits of its larger platform and loan Poly money, perhaps $50 million at the start (according to an NYU source in the Times), based on the engineering school’s unused air rights, boosted by the city's Downtown Brooklyn rezoning. There should be other financial benefits; NYU has a better bond rating, lowering the cost of borrowing, and greater capacity to support new construction; Poly has signed a letter of intent regarding its air rights with developer Forest City Ratner, its MetroTech neighbor, but has not begun new buildings."

Also, if you get a chance, check out Googles Maps and look at Street View of 160 Myrtle Street, Brooklyn. The shots were prior to development.(circa 2004-5, I presume) It is amazing how fast they have come in such a short time. If one has a vision more than tomorrow, then one can see the potential investment in the Toren, which, in my mind, will be the cornerstone of this development due to its exceptional architecture.

I love the fact that Citipoint will be across the street coupled with beautiful park similar to Bryant Park in NYC. Also Sheraton Hotel is almost completed.

My bank moved to Jersey City back in the 80's due to high cost in Manhattan. Now they have an affordable alternative and business will come back to downtown Brooklyn. Ratner and company are very bright and wouldn't invest this kind of money unless they had statistical models that had high probability for success.

NIce talking to you and hope your trip abroad is fruitful.

ps

I didn't know about police precinct rezoning. Thanks.

Posted by: Junkman at May 31, 2008 5:17 PM in response to You Have $140K Down, Where Do You Buy?

I bought into the 05 series One Bedrooms facing Metro Tech. (738 sq/ft.)

Listen, if you live near the Heights or just want to talk a few minutes about your feelings about Toren, let's meet up and I'll buy you a drink at Noodle Pudding here in the Brooklyn Heights. Curious if you bought for a reason I didn't think of.

Personally, I just think it is a can't miss at current prices. I grew up in Manhattan and know it well and this building has almost all of them beat by a long short at half the price. My friend, I think we hit the jackpot. Wish I had more money to invest in another one bedroom at $520K. Unfortunately, I'm tapped out. It looks like alot of Euros are being invested in this building based on SOM's international rep. Two items that aren't salient in one's decision making is its LEEDS application and the 25 year tax abatement, as opposed, to 15 year abatement held by competition.

If in the nabe, let's get together, first drink on me.

Posted by: Junkman at May 31, 2008 2:07 PM in response to You Have $140K Down, Where Do You Buy?

I have spent the last week looking at most of the high rise condo developments that are part of the Flatbush redevelopment plan. (Oro, Bridge condo, One Hansen, BelTel, Forte etc.) The Downtown Brooklyn Partnership site (dbpartnership.org) does a great job detailing what the future looks like in 2012. Some of the projects may be optimistic but I'm confident that most will come to fruition in the specified time span.

Anyway, after looking at one bedrooms in my price range 0f (500K-650k), I came away with a clear winner, Toren.

I was first attracted to the architect, SOM, with their impressive resume but was shocked by the per square foot price, my purchase under $700 per square foot.

Are the prices so low due to pre-construction?

The comparative value is so far superior to the other high rise competition that I had to buy before the apartment I wanted was off the market.

Check out Torencondo.com and look at the architecture and SOM's prior work and explain to me how I could purchase for less than $700 per square foot. Look at the communal amenities, ie. beautiful pool, reading area, outdoor space etc.

I have purchased a property after only considering for less than 24 hours.

What am I missing? I will put down my hard earned 10% on Tuesday and would appreciate any feedback.

ps

I realize that I may sound like a broker, but I assure you I'm just a hard working Brooklyn resident for 26 yers who loves Brooklyn and wants to stay here for the remaining years I have left.

Posted by: Junkman at May 31, 2008 9:17 AM in response to You Have $140K Down, Where Do You Buy?

It's nine cabinets some of which are fairly big.

Walls are much easier to do than cabinets. Also these cabinets divide my living room from my kitchen therefore in a particularly crucial position as far as "the look" of my apartment.

I need them done well. I did them 5 years ago and in some places I should have been more patient in my sponging technique. lol

Posted by: Junkman at January 16, 2008 3:20 PM in response to Sponge Painter

This is the effect that I'm looking for.

http://www.behr.com/behrx/expert/activity.jsp?catId=600&aid=607&subnav=interior&project=null&look=null&area=null&from=search

Posted by: Junkman at January 16, 2008 11:17 AM in response to Sponge Painter

Nice idea but they may violate current child labor laws. lol

Posted by: Junkman at January 16, 2008 11:15 AM in response to Sponge Painter

I went to the open house at 54 Hicks and was impressed with the total scope of what the owners are doing to make this condo arrangement an attractive purchase.

I was most impressed with the owner who has installed high quality extra's to attact any potential buyers. It was mentioned earlier that there might be sound intrusion but all the walls are insulated with the best sound proofing money can buy. This extends to the floors with multiple layers of insulation so as not to hear noisey neighbors.

Kitchen appliances were top notch , bathroom flooring etc. In total I was impressed with the owners efforts to produce a high quality product for a high quality price.

What impressed me most was the owner himself. There was no question in my mind that he took a much more personal approach to the project by installing items like an expensive heating system that would not be part of your normal development. Obviously, the fact that he will be living downstairs in the ground floor apartment contributed to his meticulous management of the project.

In conclusion, although the price is a bit high, this may be a case were you are getting what you pay for.

Posted by: Junkman at November 5, 2007 9:12 AM in response to Condos of the Day: 54 Hicks Street

Thanks everyone. I think I got my answer. Love this site. Keep up good work.

Posted by: Junkman at September 29, 2007 11:44 AM in response to purchase rental