4th Avenue, the Boulevard of Broken Promises?
Streetsblog takes an in-depth look at how 4th Avenue has developed since the ’03 upzoning (when Marty Markowitz said it would become “a grand boulevard of the 21st Century”), and it doesn’t like what it sees. Crappy architecture? Check. The Novo looms fortress-like over the playground next door, while…the Crest greets passersby with man-sized industrial…
Streetsblog takes an in-depth look at how 4th Avenue has developed since the ’03 upzoning (when Marty Markowitz said it would become “a grand boulevard of the 21st Century”), and it doesn’t like what it sees. Crappy architecture? Check. The Novo looms fortress-like over the playground next door, while…the Crest greets passersby with man-sized industrial vents. Negative contributions to street life? Check. These new developments turn their back on the public realm. They burden the sidewalk with intake vents, garage doors and curb cuts while encouraging future residents to go take advantage of the healthy street life and public amenities just up the block. But is there hope? Maybe. Massey Knakal’s Ken Freeman, who specializes in the area, believes there’s a place for large stores on the strip, and that more developers will choose to go mixed-use, rather than straight-up residential, with their buildings. Freeman says that even the Novo and Crest could possibly be (somewhat) salvaged: “I do think there’s an opportunity to retrofit.” What do you think? Any reason to be hopeful?
New York Can Do Better Than the New Fourth Avenue [Streetsblog]
Interesting Question: Does Brooklyn’s ‘New Park Avenue’ Suck? [Curbed]
2:48 – I am also in the RE business (multi-family rentals) and you are 100% correct – while the spread is higher then I like (and what it should be), portfolio lenders are making loans every day.
I know I probably should just ignore “The What” but here goes:
I am a real estate investor. I own a couple of buildings in Bushwick. I get my financing from a traditional lender and they are more than willing to lend on properties that make sense. I put 25% down and that has not changed in five years. These are not high risk deals and funding is still readily available.
I generally buy buildings in need of upgrading and as apartments become vacant I renovate and quickly find highly qualified tenants.
I know there is supposed to be a “credit crunch” but banks are not “lockdown mode” as far as I can tell.
“Even during the Great Depression the buildings that were started in the late 20’s early 30’s got finished – things today will be no different.”
I will agree with this statement. Plenty of things will be completed but, plenty of this will not be.
The What
Someday this war is gonna end…
The What – “I bet some of these “Clusterfucks” we never be completed. They will have to be torn down.”
Even during the Great Depression the buildings that were started in the late 20’s early 30’s got finished – things today will be no different.
10:53 – you might have had a “fun” time walking down Atlantic 10-15years ago, but it was a dark dump – those antique shops may have had interesting merchandise but they were run down messes, which closed early (dark at night) brought relatively little foot traffic (except on nice weekends) and little in the way of lighting and/or window displays. (And btw – west of the BHOD the strip was full of vacancies and had no antiques)
You might not like the shops on Atlantic now but it is unquestionably a much friendlier, nicer and pedestrian-centric strip then anytime in the last 40yrs (I wasnt around before then to say)
“Lending to businesses from banks is basically in lockdown mode, which leads me to believe that gentrification will stall until the credit crunch loosens up a bit.”
Ding Ding Ding!! We have a winner folks. I bet some of these “Clusterfucks” we never be completed. They will have to be torn down. Banks are in Fucking Lock Down Mode, DEFCOM 3 status!!!
Some of these projects have ran out of money and can’t get any more financing. The crack is all gone and the addict is searching the ground for crumbs.
This period will be remembered as the “Age of Malinvestment”. Greedy and fucking wasteful spending. GOD help you if you brought into this shit storm. RIP Real Estate Mutant Bubble.
The What
Someday this war is gonna end….
Lending to businesses from banks is basically in lockdown mode, which leads me to believe that gentrification will stall until the credit crunch loosens up a bit.
“Why is Flatbush Ave……still such a god-awful, tacky dump?”
Yeah, well that might change in the very near future:
http://www.nysun.com/article/70892
“Think about how long Atlantic Avenue took to improve”
What the hell are you talking about? Atlantic was at least as interesting and fun to walk down 10-15 years ago when it still had a full complement of antique stores as it is now with its overpriced chi-chi clothing and “artifact” shops.