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]
“and just because someone doesn’t make a $100k doesn’t mean that should be pushed to the far edges or outside NYC and spend 4 hours commuting in for jobs THE CITY needs to SURVIVE.”
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”
21st Century statement: If teachers, firemen, policemen and other low wage earners want affordable housing, they can move to Brownsville, East New York, Canarsie, Flatbush and East Flatbush
20th Century version: If you black people want to work and not being harrassed move up North to places like Harlem and Brooklyn and you can create your own ghettos there.
21st Century statement: If teachers, firemen, policemen and other low wage earners want affordable housing, they can move to Brownsville, East New York, Canarsie, Flatbush and East Flatbush
20th Century version: If you black people want to work and not being harrassed move up North to places like Harlem and Brooklyn and you can create your own ghettos there.
“and just because someone doesn’t make a $100k doesn’t mean that should be pushed to the far edges or outside NYC and spend 4 hours commuting in for jobs THE CITY needs to SURVIVE.”
Talk about extremes and outright misinformation!!! Philadelphia is 1.5 hours away from New York City and Washington, DC is 4 hours. Get a clue.
If teachers, firemen, policemen and other low wage earners want affordable housing, 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). Are you saying that they are too good to live in such communities? Instead of depending on logic to support your arguments some of you would rather resort to outright lies and misdirection to make a point.
Let’s make it clear, the low to middle class have plenty of places to live in NYC as there are a slew of affordability communities outside of prime Manhattan and the Brooklyn brownstone belt. If you want to live in a prime area, then step up your game and buy into it like everyone else. Otherwise, move into a fringe neighborhood, roll up your shirt sleeve and invest some good old fashioned blood, sweat and tears into improving a community.
1:23 and others,
Do I get to stay in my neighborhood if I work for free and get my very own slave quarters?
anon 1:57 You wouldn’t be forced out if you had bought.
Also, for the record I know plenty of teachers that own in Brooklyn, many that even bought recently. No not in Park Slope maybe or the top floor of the ORO.
Brooklyn is a big place people. Most people cannot afford their first choice.
“I guess the point I’m making is the culture of entitlement is so pervasive that the people who are getting displaced by the people making 100k should focus on the things that allow you to earn 100k… education and focusing on social and economic mobility.”
See that’s the problem with that mentality blackberry. Not all jobs will pay $100k and SHOULD pay $100k. and just because someone doesn’t make a $100k doesn’t mean that should be pushed to the far edges or outside NYC and spend 4 hours commuting in for jobs THE CITY needs to SURVIVE. And that is what’s happening now.
Starting salary for cops are $25K and doesn’t get much higher. Many can’t afford housing on that salary and the city is struggling to hold on to the good ones. SHOULD cops make $100k a year? Are YOU willing to pay taxes to support that salary? What about teachers? Do you want to pay teachers $100k and are willing to pay taxes to support that salary? And if you don’t, does that mean they deserve to live way out and spend hours commuting? Is that good for your kids and schools?
What about Nurse aides, LPNs, Social workers, day care workers, transit, construction workers, admins, tech guys, cooks, waitresses? Jobs that are integral part of city life. Jobs that you need qualified skilled people to stay in for years to be experienced and expert, but not necessarily making $100k.
We really need to think long and hard about that philosophy and where we are going with this.
“NYC is one of the few large cities in the world where rich people can so freely walk around most areas in the city, without worrying about getting kidnapped and having to travel in armored vehicles with security and stuff.”
Umm, ever been to Asia, Europe, or hell, Chicago?
Tokyo, Seoul, London, Paris, Toronto–I could go on and on.
There was a lot of ridiculous things that were written here, but to say that NYC is unique because people of means can freely walk around the city without a tank or armored security detail has got to be one of the most absurd posts ever.
This board is full of lazy, unmotivated, liberal, whiners who are chronically and habitually looking for handouts. I’m on vacation and I can’t for the life of me figure out why some of you are not getting fired by your employers. You blog all day when you should be doing something more productive like driving revenues for your company. You think successful lawyers, doctors, bankers, traders and such have time to blog all day long? Hell no! Why so much hatred and jealously towards the successful white collar professionals? We are the engine of growth in this city. We are the ones who are taking Brooklyn to the next level, not you NIMBY, crunchy granola, self-entitled, tight wad, cry babies.
“I’ve been a homeowner for 25 years. I’ve been a homeowner for 54 years.” STFU! So what? Now you want a Scoobie Snack because your butt was old enough and lucky enough to purchase a brownstone in Boerum Hill or Carroll Gardens for $25K back in the 1960’s?!? Well my friend, some of us paid $2M-$5M to buy townhouses in Brooklyn and there is no way in the world we are going to allow the equity rich but cash poor knuckleheads such as yourself dictate the course of future development in this borough – thank God that money and power still rules the day. You idiots have nothing to lose but WE DO!
We are all very fortunate that the city’s urban planning is not being run by the pathetic flower children of the sixties but rather savvy business men like our fine Mayor Michael Bloomberg. Here is a man of vision! If left to your own devices you whiners and handout addicts would destroy the “new Brooklyn”.
If developers and businessmen get filthy rich from the vast opportunities created by Brooklyn becoming the “New Manhattan” so what?!? These are going to be the same individuals who are going to turn around and make substantial donations to arts, cultural and educational institutions in our borough! When BAM needs to build a new building, the Brooklyn Museum is looking to expand, or a private school is looking for additional funding, who’s going to support this? THE RICH, THAT’S WHO!!
For all the equity rich but cash poor residents of Brooklyn who so deeply love the borough, how come no one is selling any of their properties to make substantial donations to our borough arts, cultural and educational institutions who desperately need additional funding? You guys are so full of shit!
That’s it for me. I’ll get back to reading the Wall Street Journal and you guys can get back to the Village Voice.