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]
Resident @ 5:07 you seriously need to work on your reading comprehension, since I never implied anything like you said – and since you don’t know me you assumptions about what I do or have done is silly (and wrong).
But I will ask you the same thing I have asked at least 2x before on this thread (with no one coming up with an answer) – It is very easy to complain and criticize – BUT please offer some suggestions/laws/zoning/rules/taxes that could insure affordability in the most desired parts of Brooklyn, while at the same time not cause unintended consequences that defeat your original purpose. I am not elitist, it would be nice if everyone could have what they want , but I have no idea how you could possibly achieve what you are demanding.
Grad school- that’s the breaks? Cops, firefighters, teachers and nurses contribute far more to society than you could ever hope to. I hate to be the one to tell you this, but money doesn’t buy you everything. People like you just think it does.
Brownstoner is right – this is a great thread. But David asks the right question – what is the solution???
We can’t really limit market forces – and will face the consequences in the shortage of the lower-paid workers (teachers, cops, etc.). When? Who knows, but many cities (including NYC) are now giving incentives to those workers to stay – rent stipends, etc.
And do leave the nurses out of the debate – they usually make around $100k…
I think its safe to say we all want racial, social and economic harmony as do I
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Are you serious? Have you read the posts in this thread? /:
Unless, all the anons happen to be 1 elitist troll, which only Brownstoner would know.
grad school you’ve hit the nail on the head.
“This message board is interesting in that you’ve got the “haves” arguing with other “haves” who pretend to be have-nots.”
Its a bunch of people priced out of Manhattan arguing with a bunch of people who are priced out of 25% of Brooklyn.
“30% of salary going to rent not including uts. is a pain in the butt.”
Many NYCers pay more.
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And therein lies the problem.
Supergirl! Get off this board and start hitting the books if you feel that given your present earning potential that your options in Brooklyn are dwindling! DON’T COMPLAIN – COMPETE!
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I’ve already hit the books. Thank you for you concern 🙂
This message board is interesting in that you’ve got the “haves” arguing with other “haves” who pretend to be have-nots. I think its safe to say we all want racial, social and economic harmony as do I, however, I don’t hear people crowing about why the converted Palace Hotel, the endless Trump building and all the other high end enclaves of Manhattan aren’t offering affordable housing to those who earn less than 42k.
It seems like living in Brooklyn or any other outer borough automatically means that we have to keep the tired, sick and weary, instead of trying to advance our collective lot in life. Yes its unfortunate that people are getting displaced from communities they might have lived in for years, but if the community means that much to you, then you should have bought and reaped the benefits when neighborhoods started changing to meet the new new brooklynites.
Cops, teachers, nurses, etc… work in Manhattan and commute from somewhere else… that’s the breaks. When I made 25k I had an awful commute, when I made 40k i had a bad commute, when i made 60k i had decent commute, now… well I have a great commute.
Seriously. Enough of the whining.
“30% of salary going to rent not including uts. is a pain in the butt.”
Many NYCers pay more.