Atlantic Yards No Selling Point for Nearby Sites?
A building smack at the crossroads of Park Slope and the planned Nets arena is on the market for $13 million. The property, on Flatbush between Fifth Avenue and Pacific Street, is across the street from the recently vanquished
A building smack at the crossroads of Park Slope and the planned Nets arena is on the market for $13 million. The property, on Flatbush between Fifth Avenue and Pacific Street, is across the street from the recently vanquished JRG Fashion Cafe and currently houses a furniture store as well as a few other retail spaces. Right now a developer can build up to 40,000 square feet on the footprint but, per the sales listing, there is excellent potential for partial block up-zoning to create a residential midrise or high-rise. Interestingly, the listing only includes a passing mention of the fact that the site is right across the street from the proposed Forest City Ratner Project spanning a large area around and over the Rail Yards. Perhaps brokers are shying away from using AY’s ginormous mish-mash of out-of-scale towers, constant construction and blaring traffic as selling points?
Flatbush Avenue Listing [Corcoran] GMAP
For what it’s worth, I suspect that the current uncertainty and self-contradictory hysteria of the AY opponents is the only bad thing for property values. Once construction starts and it turns out the sky is still in place and maybe AY is not so bad after all, that goes away.
I know of no projects involving a building by a major starchitect that did not generate higher real estate values for the surrounding neighborhood.
If shadows and tall buildings were your formula for price drops, I’m wondering how you can explain a little place called Manhattan?
The largest construction site in New York City is that of the World Trade Center. If you kept up with things, you’d know that the Financial District has added 6000 new residents since 2001, with stores like Hermes and Tiffany opening up. It is now one of the most expensive and thriving neighborhoods in all of Manhattan…even with noise, constructions and dust (some quite unhealthy dust, in fact).
Please try to think before you just spew thoughts that are completely asinine.
Yes, it is a contradiction, 11:58. Unless you can point me to a gentrified area where the property values, including rents, have plummeted, then you have no case.
I thought that area was zoned for a 10 FAR.
That would make that land sale more like $130 a square foot, much more reasonable. $300 a square foot is very high, and probably the average in Manhattan.
Ah yes, thank heaven’s they’ll build a stadium so there won’t be any “garbage and food just thrown around…”
The one nice thing about this is that regardless, Ratner is hemmorhaging dough as a result of his high-handedness.
Who knows when this thing will get underway?
More than 10 years of construction will create congestion, noise, pollution and dust that will make a lot of people’s lives miserable. Whether this causes wholesale price drops across our borough I don’t know. But people living on construction routes (i.e side streets along Atlantic and Flatbush in all directions) will likely see their quality of life drop substantially. I’d imagine that 10 years of heavy trucks blasting by 24/7 would hurt some property values – not to mention the vibration from hundreds of millions of tons of materials being schlepped through our neighborhoods.
On the condo front, I’d think the 6,000 condo’s we taxpayers are building for Ratner might apply some downward pressure to the local market. Demand equalling supply and all that. OK, technically I think we’re only footing half the bill for the project – so we’re paying for 3,000 of them.
how on earth could AY make property values drop? that’s hysterical!
i used to live in prospect heights, and it was half ghetto. i loathed living there because of the people. there were disgusting and threatening. the amount of garbage and food just thrown around was simply gross. the AY immediate area is shit! there are gangs, low lifes, projects, etc.. around there. AY will make it pretty for more higher income people to move to Prospect Heights – not fewer!
That’s not really a contradiction, 11:50.
The AY project itself will build a a large amount of expensive housing while casting the surrounding brownstone neighborhoods into shadow and greatly increasing congestion.
The stadium will also lower values of surrounding homes, because nobody who isn’t ensconced in a sealed tower wants to live next to a sports arena.