Albee Square Deal Closes, Fewer Apartments Planned
When the deal was announced back in February, the consortium of investors purchasing the groundlease for the Gallery at Fulton Mall from Thor Equities had big plans: 475,000 square feet of retail space, 125,000 square feet of Class A office space, and 1,000 rental apartments (with 20 percent set aside for tenants of moderate income)….
When the deal was announced back in February, the consortium of investors purchasing the groundlease for the Gallery at Fulton Mall from Thor Equities had big plans: 475,000 square feet of retail space, 125,000 square feet of Class A office space, and 1,000 rental apartments (with 20 percent set aside for tenants of moderate income). Since the deal closed last week for a reported $120 million, it’s come out that the housing component has been scaled back by about 35 percent. The 1.6-million-square-foot tower (which will be anywhere from 40 to 60 stories) will still have 650 apartments, but the switcheroo is expected to result in a loss of about 70 affordable housing units, something that has community groups pissed off. The new owners haven’t announced what they’re going to do with the extra square footage from the 350 axed apartments yet.
Developers Pare Housing Plan for Albee Square [NY Observer] GMAP
Expansion, Skyscraper Planned for Albee Square Mall [Brownstoner]
Albee Square [Acadia Realty]
Sterling writes: “I’m just someone who loves Brooklyn and would like it to be a place that anyone who wants to live here can enjoy.”
Kumbaya! Kumbaya!
Sorry SS but if you can’t afford to live in Park Slope but seek to enjoy the great nabe that it is, nothing prevents you from visiting. Spend the afternoon in Prospect Park and have dinner with you family at a local eatery. Where does it state that you have to own, rent or live in an area to enjoy it? I don’t live in Manhattan but I go and socialize wherever I choose or please. No one is prevented the luxury from doing likewise in Brooklyn. Can’t afford to live where you want to? So what? Move someplace else that is affordable and visit your favorite nabe until your heart’s content.
I am not saying 32K is a lot or enough, I am just saying don’t mis-inform people by trying to make it seem like cops earn 25k forever.
Additionally 32K is what I made on my 1st job (AFTER graduate school) and more then alot of people make after 6mo on the work force – finally there are plenty of nice (1br) apartments that rent for $1000 a month in this city – which is something a cop could afford after 6mo on the job.
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Pray tell, Dave, what year it was you graduated. Not 2007, I believe.
32K is enough to rent a $1000/mo apt. IF you live on PB&J and live in the dark (I’m assuming uts. are not included).
I hope you mean with a couple of long-term buddies.
Yeesh, if you think Blade Runner is actually possible, you are too far gone for me.
Again, what’s wrong with living in the 75% of Brooklyn that lies beyond the gentrified center?
Sterling, I think it’s precisely because you are screaming like a banshee that so very few are listening to what you have to say. Shrill behavior is hardly the most effective way to persuade another.
best thread in a long time
“To the person who worries about what happens when Brownsville and ENY are gentrified:
Trust me, those neighborhoods will NEVER be gentrified. There will always be affordable places to live.”
I agree. Why? Because those neighborhoods lack the architectural merit of those nabes that make up Brooklyn’s brownstone belt. At best, they will be low end middle class neighborhoods and a stepping stone for those families with the ambition to aim higher.
Platnum, if that’s all you got out of what I said, you not only missed the boat, it ran over you on the way out of the harbor. I said they had families, so I think their sex lives may be ok, like it really matters in this overall discussion.
So 4:15, after countless threads with people wailing that most of brownstone Bklyn east of Flatbush is unsafe, crime ridden and not worthy, now you say that even furthur out and in more economically distressed East New York, it’s fine for working stiffs to live there, because it’s cheap. Will never be gentrified, but cheap. Yeah. Thanks.
I’m sure all of the cops working 18 hours a day with overtime or second jobs, so they can afford to commute in from some surburban working class town will thank all of you who think that that is acceptable and perfectly ok. I hope some exhausted police officer, firefighter or EMS worker never has to cross your path professionally.
David, I never claimed to have all of the answers. I am not a city planner, developer or tax lawyer. I’m just someone who loves Brooklyn and would like it to be a place that anyone who wants to live here can enjoy. I do think that developers and the powers that be give very little thought beyond making piles of money for themselves, and like many on this board, don’t give any thought to what kind of city they are building. That is wrong, and I will continue to scream like a banshee, if that’s what it takes to be heard. I don’t think the world of Blade Runner is that much of a stretch. We just don’t have as much rain.
“I doubt your average school teacher and fireman is overly concerned about his or her social life. They are usually too busy trying to make ends meet and spend some time with their families to worry about the proximity of cool bars.”
What are teachers, policemen and firemen not single? Are they exceptions to the rule or are they trying to get laid like everyone else in the this city?
Sterling Silver, considering the fact that the marriage rate in NYC is so abysmally low, I think that you should revisit your argument. Again, you are make outrageous extremes to support your argument…..
To the person who worries about what happens when Brownsville and ENY are gentrified:
Trust me, those neighborhoods will NEVER be gentrified. There will always be affordable places to live.
remember the 25K that always quoted for entry cops – is for the time they are in ‘cop school’ training. Not once they are ‘grads’.