Downtown Shocker: Catsimatidis Puts Myrtle Build on Hold!
Buried deep in this week’s New York Magazine cover story entitled “The Stench of ’89” is this bombshell: Billionaire and likely mayoral candidate John Catsimatidis, whose Red Apple Group is developing a two-block complex on Myrtle Avenue in Brooklyn, is putting the brakes on the project until the lending situation shakes itself out. Holy moly!…
Buried deep in this week’s New York Magazine cover story entitled “The Stench of ’89” is this bombshell:
Billionaire and likely mayoral candidate John Catsimatidis, whose Red Apple Group is developing a two-block complex on Myrtle Avenue in Brooklyn, is putting the brakes on the project until the lending situation shakes itself out.
Holy moly! At least the two neighboring projects—BFC’s condo project at 150 Myrtle and Avalon Bay’s rental development at 157 Myrtle—appear to be proceeding at full speed. Think there will be other announcements like this in the Downtown area in the coming weeks?
The Stench of ’89 [New York Magazine]
Over on Wired New York, a poster named “ASCHWARZ” just posted the following:
“I don’t think this NY Mag article is accurate.
The Catsimatidis Mrytle project is fully financed and will include mandatory affordable units per recent HPD negotiations. Maybe by “delay” they mean a few months for steel or whatever, but the project has financing and there is also city money involved for the affordable units.”
I posted at 12:44 and I used the word “hysteria” to describe the previous posts on the thread, which some people apparently took offense to. The point of my original post was that before we talk about impeaching Catsimatidis (before he even runs for mayor) and other elected officials, let’s find out whether the project is on hold or not (thus the request to find out if they are still digging…thanks 1:56!). Ingersoll and Whitman are not the only folks that have a vested interest in the project…I lived in University Towers for 10 years and recently bought at ORO (i’m temporarily in Prospect Heights until ORO is complete). There are a lot of people in the myrtle-ashland corridor with a vested interest in making sure that the project gets completed from both and essential services and general asthetics perspective.
12:54 – why does wondering if work is going on (which it apparently is) make someone an “developer’s asswipes”???
First I am a resident of University Towers which is directly adjacent to the Red Apple project. They are digging right now at 2pm on 2/6. This project is not on hold.
Second, I have no idea why the Ingersoll and Whitman Tenants need another supermarket so bad when there is a fully stocked nice medium sized local supermarket on the corner of Myrtle and Carlton.
Third is that there are multiple phases to this build, and some are well underway. They have probably only put part of the overall project on hold.
The article is not completely clear on the subject and nothing is certain until Catsimatidis issues his own statement.
“But if the residents of the developments are going to be without retail for — let’s say five years based on some recent reports on the state of the market — that is a disaster.”
Mom and Pop (style retail) will have their back. The nabe doesn’t need a supermall.
“why disaster for Ingersoll and Whitman?”
Seriously, I’d call it a break. It’s degentrificational.
“Think there will be other announcements like this in the Downtown area in the coming weeks?”
No bombshell. I don’t know about the coming weeks but I do know that the global financial system is on life support. The most efficient solution is to pull the plug and let Armageddon run it’s course. For more information, visit the following site.
http://www.nychousingbubble.blogspot.com
Plus you have shills like Brownstoner hyping this shit up. Build Build Faster Faster Pussycat. These places will be future Homeless Shelters.
Atlantic Yards is cooked also. LMMFAO see Credit Markets.
The What (Just Getting Started)
Someday the building is gonna end…..
“Story is incorrect – financing has been secured”
Please provide your source.