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]
noname – again I am not saying that cops/teachers/fire shouldnt get paid more – nor am I saying 120k a year is ‘rich’ – but I must ask are you saying that a family of 2 cops with 2 kids couldnt find a place to live for 120k a yr – which they would easily earn – w/o any overtime at all after 5yrs on the job. If you figure 1/3 for housing (standard) that works out to be over 3,000mo for housing.
Again I am not saying you are on easy street – but put the issue in some real perspective.
Supergirl is back with her Super Stupidity….
Sterling and Neighborgood – clearly there has been alot of hyperbole on this thread (including your blade runner analogy) – but I don’t beleive I have been hyperbolic – so please answer my question – what laws/regulations/zoning do you envision that could keep the most desirable parts of NYC ‘affordable’ without having horrible unintended consequences.
“…I am just saying don’t mis-inform people by trying to make it seem like cops earn 25k forever.”
I said starting salary, and it does go up, but even when it does, it’s not that great for supporting a family. And cops and teachers are just TWO examples of the many many many jobs out there, middle and working class, that are a necessity for a city to run.
RE: Anon 3:43
I agree with you that public infrastructure is not keeping pace with the increasing population. But restricting growth is not the most socially benefical or economic viable way of handling this problem.
For instance, restricting growth will only push housing costs higher punishing the poor and middle wage earners in the short-term. In the long-term it will stagnate both job growth and tax receipts. Also, an environmental and energy arguement can be made for allowing for greater urban growth (ie. less sprawl and lower energy usage per capita).
The population influx is being propelled by demand in several sectors – unless we make New York a less desirable location, people aren’t going to stop immigrating (domestic and international).
Thank you David. Finally someone with perspective on police, fire, and teacher salaries. Certainly they work hard but by no means are they starving and those pensions sure are nice.
And like you I also started in the private sector for less.
Well, which ever prophet or philospher who said it was right – the next civil war in this country will be a class war. Some of the comments here are damn scary.
First of all, I did not read one comment by anyone who argued for mixed income housing or neighborhoods say that people deserve to, or wanted to live where they could not afford to. This is always the first line of defense by those personified by the “waah, I want to live near cool bars” crowd. 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 proxcimity of cool bars.
What frightens me more is this in your face, aristocratic, entitled mindset that is more 18th century European caste system at its worst, rather than an enlightened 21st Century, post 9/11, we’re all in it together, New York City. What do we have here, a combination of apartheid like economic segregation married to Blade Runner?
1)The best of the waterfront and downtown areas should be the exclusive enclaves of the rich.
2)Everyone else should be relocated to Brownsville, East New York, Flatbush and points east. (No mention in this economic cleansing of where those already in those places should go, but they are the truly poor, so maybe we should just ship them to camps, or shanty towns like Soweto, out of sight, out of mind)
3)Everyone who is not a high wage earner, is obviously inferior in some way, as they haven’t got the get up and go or natural selection to become one of the elite. Ergo – get out, you are only fit to serve us, but don’t even think of living near us.
4)Teachers, artists and musicians (unless rich), first responders, nurses, and on and on, are not worthy of the benefits of our shining new cities. You have chosen inferior professions, and are what you do. When you aren’t actually serving the elite – begone.
My favorite! The rich, in the midst of all of this largesse and privilege, will then look down from their lofty, successful thrones, and gaze upon the lower masses and have pity. They will generously fund schools and arts centers and theatres. Because that is what they are so used to doing – sharing the wealth.
I hope you remember the horrors of the French Revolution, because that will be a mild diversion if this city of the “deserving rich” actually comes to pass. And that ain’t holding hands and singing Kumbaya, my friends.
“Only the dead know Brooklyn….” so I guess I’ll just lie here and spin in my grave cuz people like befuddled David are killing me.
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.