Cat Man Plans Grocery at Myrtle Project
Another day, another bit of news on John Catsimatidis’s will-it-or-won’t-it-happen development on Myrtle. Last week’s buzz on the project, per the Brooklyn Paper, was that the supermarket magnate/mayoral candidate was indeed moving forward with the 660-unit, mixed-use development, albeit with some notable changes: Four buildings rather than two towers, and ixnay on the affordable housing….
Another day, another bit of news on John Catsimatidis’s will-it-or-won’t-it-happen development on Myrtle. Last week’s buzz on the project, per the Brooklyn Paper, was that the supermarket magnate/mayoral candidate was indeed moving forward with the 660-unit, mixed-use development, albeit with some notable changes: Four buildings rather than two towers, and ixnay on the affordable housing. A press release sent out this morning on Catsimatidis’s behalf confirms the four-building plan (three low-rise, one high-rise), and it also says that the “first phase of the development is expected to include a drug store and a neighborhood style supermarket.” And the development may yet include affordable housing, according to the statement: “Plans for 50/30/20 Affordable Housing in the two adjacent low rise buildings has been delayed by the current unavailability of tax exempt bonds that are a vital component of financing such projects. Red Apple continues to maintain a dialogue with the New York City Housing Development Corporation concerning the future availability of these bonds.” Click through for the full press release.
Catsimatidis Tweaks Blueprints for Myrtle Project [Brownstoner] GMAP
Development Watch: Catsimatidis Ready to Go on Myrtle? [Brownstoner]
PRESS RELEASE:
John Catsimatidis, Chairman and Chief Executive Officer of Red Apple Real Estate, Inc. (Red Apple) announced today that Red Apple has broken ground on the first phase of its Myrtle Avenue development project in the Fort Green section of Brooklyn. The project will eventually include three low rise buildings bounded by Ashland Avenue and Prince Street, and a high rise tower between Prince Street and Flatbush Avenue. This first phase of the project includes approximately 85,000 square feet of middle-tier market rate residential apartments and approximately 22,000 square feet retail space.
In deference to community desires, that have been ardently expressed by local officials, this first phase of the development is expected to include a drug store and a neighborhood style supermarket. Plans for 50/30/20 Affordable Housing in the two adjacent low rise buildings has been delayed by the current unavailability of tax exempt bonds that are a vital component of financing such projects. Red Apple continues to maintain a dialogue with the New York City Housing Development Corporation concerning the future availability of these bonds. The first phase of the project is being
financed with Mr. Catsimatidis personal funds and market rate bank financing.
By breaking ground, even in this difficult economic climate, Red Apple will put part of the property into productive use and fulfill a community need for neighborhood retail services rather than simply holding the entire parcel vacant until there is an improvement in the economic conditions that have caused many Brooklyn development projects to be either delayed or cancelled.
This is a first step in Mr. Catsimatidis vision for the entire property and reflects both Red Apple’s commitment to Brooklyn’s future and Red Apple’s faith in it.
John Catsimatidis, a long time New York City resident and investor in Brooklyn, stated I am pleased to make this further investment in downtown Brooklyn. New Yorkers deserve the best quality of life possible and moving forward today with a development that will include a neighborhood supermarket and a drugstore to meet the needs of this underserved community is the right thing to do and I am pleased that we were able to structure a transaction that will allow this to happen.
3.16, you are such a tool. The zip code in question (11201) has less violent crime than some of the nices neighbourhoods in Manhattan (10024 UWS, 10016 midtown). Source: http://www.bestplaces.net/city
3.16pm
It’s not rocket science. Look at the crime statistics for the area around Flatbush / Myrtle, and you’ll see that gun-related violence is low and on the the decrease.
Myrtle Avenue runs through Bed-Stuy, which is infested with gang-related violence. But then again, so is 5th Avenue, if you follow up it up to Harlem. Your reasoning doesn’t make any sense.
1:59 As a very longtime resident here, I do have to say that every time I think that Myrtle Ave. has been calmed down and I trust enough to walk from downtown or to drive thru the projects, I have been surprised. About 6 years ago I relented, walked down Myrtle from Polytechnic (the site of the proposed NYU Engineering School) with my 11 yo daughter and when I got home heard sirens. There had been a shooting only five minutes after we passed. I gave the projects a wide berth for another five years, and drove thru one night last year only to hear shots which resulted in a dead 15 yo.
I am as positive as anyone about the possibilities of living in a wonderful tolerant diverse neighborhood, and enjoy the changes elesewhere, along with many other neighborhood residents. But when walking or driving around the projects today is as dangerous as it was in 1975, I sort of doubt the fantasy of Catsimatidis new develpment being able to ignore crime across the street.
If we could make every bullet really really expensive, a la Chris Rock’s suggestion, maybe a safe Myrtle Ave. could happen. But I am not very optimistic.
1:59..shut em down..shut em down..lol
1.39
Did you hear about the woman that was raped in Soho a few days ago? And again another one in April?
What about all the sex offenders that work and live in Manhattan? Have you taken a look recently? On most streets in Manhattan you will walk past where sex offenders (rapists, child molesters) work and live without ever knowing it.
Do your research, check out the crime statistics. You will actually find that Forte Greene is extremely safe, with the level of gun-related violence on par with the safest parts of Manhattan.
Ah, and you’ll also find a lot less sex offenders working and living in Forte Greene then, let’s say, Midtown.
Also, NYU has (or will soon have) a campus two blocks away from these stores, and there is already a full time guard post that looks down Myrtle Avenue, in full view of where both the drug store and commerical center will be. Strikes me that the confluence of security, affluent students and affluet neighbours will make this block as safe as any in the city.
1:39, I think that you’re on crack right now…what the hell are you talking about? Do you even know where this development is?
so this means they won’t have to tear down admiral’s row?
1:26
Agreed 100% but I don’t have to walk past drug dealers, gang members and teenagers with guns there.
HUGE difference.
🙂 🙂
ratner >> sheep
catsimatidis >> sheep
sheep << sheep poo