29 Flatbush Finally Coming Together?
Last week we found out 29 Flatbush, and two other stalled development sites, received financing from the state contingent upon a certain number of affordable units being set aside in each development. 29 Flatbush has been in the works for years, though the initial plans were disapproved early last year. The tides appear to be…
Last week we found out 29 Flatbush, and two other stalled development sites, received financing from the state contingent upon a certain number of affordable units being set aside in each development. 29 Flatbush has been in the works for years, though the initial plans were disapproved early last year. The tides appear to be turning: In addition to the financing coming through, it look like a new building permit was approved on December 16th for the 44-story, 333-unit Ismael Leyva design. This is the rendering pictured on the architect’s website, although we’re not sure how dated it is. (It jives with the rendering the Brooklyn Eagle published this morning, including renderings of the two other sites that are being rebooted.) It’ll be quite the dramatic addition to the BAM Cultural District.
Three Brooklyn Projects Receive State Financing [Brownstoner] GMAP DOB
I think the building will look good there.
In an ideal world there would be more office buildings going up on Flatbush, but the current reality is that residential buildings are much more in demand.
an office bldg would be better served there than a residential tower
This stretch of Flatbush can definitely use some sprucing up (especially the Con Ed Bldg across the street).
FHA approved bldg too (if it’s for sale)?
is this building going to sell apartments – the Eagle article clearly states the other two (on Bridge and on Washington down in DUMBO) are rentals, but it merely says that 29 Flatbush will be a “multifamily apartment building”. Is that code for co-op?
To correct one point from last week’s posting, the state money from HFA (which is really just part of the old DHCR) is the amount of money being loaned to the developer, not a grant.
Someone on that post’s comments contended the state was paying $2.1 million or so per apartment, but that’s mistaken — it’s more like the State is foregoing some interest on $2.1 million per apartment for a few years (and potentially assuming some lender risks as well).
Who knows what the market will look like by the time they start selling.
In today’s market I would say $800 for the high floors, down to $650 for lower floors and less desirable layouts.
$800 psf? any guesses?
Good subway options.
Typo in the headline. (Tee hee, flat tush…)