Avalon Buys Another Piece of Willoughby Pie
It’s been public knowledge for some time now that Avalon Bay was in contract to buy the large assemblage of properties at the corner of Bridge and Willoughby Streets in Downtown Brooklyn from longtime owner Al Laboz. And over the past year or so, Avalon has been gradually closing on the various lots. Earlier this…
It’s been public knowledge for some time now that Avalon Bay was in contract to buy the large assemblage of properties at the corner of Bridge and Willoughby Streets in Downtown Brooklyn from longtime owner Al Laboz. And over the past year or so, Avalon has been gradually closing on the various lots. Earlier this month, the Virginia-based developer closed on another one (the seventh by our count) at 92 Willoughby Street. The price: $15,344,118. Unless there were some lot combinations that have escaped notice, that still leaves three properties yet to be transferred: 383 Bridge, 385 Bridge and 94 Willoughby Street. (See chart on the jump.) By our calculations, the first seven purchases total to just under $75 million. Given that the planned 58-story tower is expected to comprise about 800,000 square, we wouldn’t be surprised to see the final three properties net another $5 to $10 million for the seller, which would bring the price per buildable square foot just over $100. To see a rendering of the project, click here.
Avalon to Top Clarett in Downtown Brooklyn [Brownstoner]
More Evidence that Avalon is Planning Downtown Tower [Brownstoner]
Avalon Buys More Bridge Street Props from United Land [Brownstoner]
United Land Unloading Bridge Street Site to Avalon Bay? [Brownstoner]
What the hell is wrong with building highrises in downtown Brooklyn where highrises already exist?
Yet another thread that shows that this crowd will complain about literally anything.
This is good news that a developer wants to invest more money in the renaissance taking place in Downtown Brooklyn. With a little luck (and a lot of investment) it will be a vibrant urban area in a few more years.
And DH is right, all the frownstoners who said nobody wanted to live in Downtown or that the Avalon Ft. Greene would sit empty because it’s near the projects or whatever should be eating their hat seeing the news that the company would like to build ANOTHER tower due to the success of the first one.
Mr B, the rendered image is incorrect.
Glad to see a firm bullish on downtown brooklyn’s future.
Couple things: 1. JohnnyPump, all the buildings have the same owner (Al Laboz) and the sale of the properties is a given, the recording of the sale is being staggered (for what reason, I dont know). 2. Any doubts that Avalon is going to build and build really, really big, should be thrown out the window considering the fact that they will probably end up spending about $90 million just acquiring the property (much less the actual construction costs of the project).
probably gonna happen. close by are those 2 montrosities on flatbush and myrtle. brooklyn is turning into manhattan kids
ugh Avalon buildings. you do realize those buildings are nothing more than super expensive frat and sorority houses right? and not even the cool ones.
*rob*
Let me rephrase: If I wanted to live in an area that looks like downtown brooklyn, I’d have stayed in Manhattan.
Well – the success of the other downtown towers indicates there is a demand for this stuff – and the downtown brooklyn skyline looks like Hartford, CT anyways, so anything new is an improvement
DIBS, I think a lot of people feel like that. I was agahst to find the city permitting a 40-story two for Greenpoint, where the tallest thing until about two years ago was a church spire.
On the bright side, it appears they will be demolishing the business with the blue awning “No lawyers – Save Money”