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]
NYPD starting salary is 25K but it goes up to 32K in 6mo
Yeah, and we all know you can rent with no problems for 32K :thumbs up:
32K is well below the starting pay of places like Suffolk at 58K, and 100K after five years. NYPD officers only dream of retiring at 100K. And the city scratches its head at why they can’t get enough enrollees.
Fez, high rise development may bring about economic and quality of life improvements, but don’t forget that it still does constitute a problem. Where’s the infrastructure to support the development? Unless I’m missing something, I don’t see the city, state, transit authority, or developers, doing much of anything to accommodate all the new people who will either work or live in these towers. That’s a significant issue in areas where no high rise development existed previously. Witness the petitions being circulated to increase service on the F train in Brooklyn…small potatoes compared to high rise development downtown…but a case in point that at least that portion of the transit system as it exists today cannot handle the volume of new people moving in to those neighborhoods served by the F train. The TA says it would be at least the year 2012 before service could be increased in the form of F express service because of system reconstruction. 2012? By then we’ll need platform pushers to cram all the riders onto the trains as they do in Japan. In all the discussions on this website, which all too often descend into bitter arguments about race and economics, I have seen little or nothing discussed about support services and infrastructure improvements needed for all the new development that is coming to Brooklyn.
So after Brownsville, East New York, Canarsie, Flatbush and East Flatbush gets gentrified, where else pray tell can middle class folks move to?
3:01: You don’t. Economic forces say that this is the perfect time to return to slavery. Do you like attics or basements?
BTW if you are all going to debate this; you should at least be clear on some facts – 1st NYPD starting salary is 25K but it goes up to 32K in 6mo and will increase to 60K in 5yrs – that btw is BEFORE overtime, night differential and other perks – it also ignores that cops get 4 weeks vacation (and after 5yrs they get 27days), unlimited sick days, free health care and get to retire at 1/2 pay (inc overtime) after just 20 yrs.
Teachers make median 60K a year can easily make 90K+ if they continue to get credits and they work on average 200 days a year.
As for affordable housing, there are still plenty of nice family sized apartments in this city (Bronx for example) that rent for less then 1700 a mo and homes that can be bought for under 300k.
To the person who claimed that teachers cannot afford to buy in Brooklyn:
That’s such a crock! I know a teacher who owns a BUILDING with a rental unit in East New York. She and her mother bought it after saving for three years. There are studio and one-bedroom co-ops in East Flatbush, Midwood, and Crown Heights that are within the range of a teacher’s salary. As another poster said, they may not be able to afford Park Slope or Carroll Gardens, but there are plenty of other areas in Brooklyn where they can own a home.
Translation: “waaaa I like that neighborhood. I want to live near all the cool bars and restaurants or my life is over. Who cares if I can afford it. I deserve it and I am entitled to it. waaaaa”
Real Translation: I (2:59) want to live near all the cool bars and restaurants or my life is over. Who cares if I can afford it. I deserve it and I am entitled to it.
I am seriously befuddled – I get opposing tax incentives for building luxury housing (although there are arguments that could be made in favor), I get policies designed to prevent fast market forces from quickly displacing who neighborhoods; but I really don’t get what you people want to be done so that the most desirable neighborhoods remain ‘affordable’.
So please I get that many of you think it unfair that you cant live where you desire but please provide me a concrete solution/policy that will result in what you are advocating
no name –
I’m not saying that cops or teachers should make $100k, I’m saying that cops and teachers, two equally able groups chose those career paths. No one said join the police force and make 25k or else. Additionally, I’m not in favor of raising taxes to pay 100k salaries but if you avoid a critical function en masse, you force the city/state to confront more structural issues and find alternate ways to pay.
If you can’t live in a prime area – move to where you can afford to live. I couldn’t afford to live in a prime area out of school…. i did my time and climbed the economic scale and then found a place…. others should think about doing that. I live in a rental where 20% went to affordable housing but when my lease renewal arrives and I’m paying 20% more, guess who I’m subsiding….. thought uncle sam taxed me before i get my paycheck, not my landlord.
I’m moving into a condo building where the developer refused to provide affordable condos because it didn’t make economic sense. At least some developers won’t roll over.
“…they can move to Brownsville, East New York, Canarsie, Flatbush and East Flatbush, to just name a few places where housing is very affordable (e.g., single family homes can be bought for $300k and 3 bedroom apartments can be rented for under $1,000 per month).”
When was the last time you saw a house for $300k that didn’t need an additonal $100k in renovations, even those areas? And those areas are starting to become gentrified too. You need to get a clue.
So after Brownsville, East New York, Canarsie, Flatbush and East Flatbush gets gentrified, where else pray tell can middle class folks move to? Oh, Philadelphia! D.C.! And just commute to NYC every day.
That’s beyond stupid. It’s downright scary people think this way.