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]
11:34, you have no idea. Commercial lending rates, if they even exist, are not cheap right now and they’re not getting any cheaper – there’s no liquidity. I’m sure if you could line up cheap rates for him, he would take it.
Actually they are low – however Banks are reluctant to lend. But given the guys capital, some Bank/Fin Institution will be willing to lend to him and if he were smart he’d take it. Whatever the extra capital requirements are now the overall picture will be worse in the future when Interest rates are a point or two higher and no 421(a)
11:15 – Interest rates aren’t low for business lending. That’s the point.
Yes, this is definitely the kind of insightful and forward-thinking guy we want as mayor.
If this is true – dumb dumb dumb…. the guy is a billionaire (allegedly) of course he can secure financing and with interest rates low and 421a expiring there is no better time to build then now – its still going to take 2-3 years to complete and by then the shakeout will be over.
oh MAN, is he also going to leave that completely intrusive sidewalk shed sitting there for FIVE years?? It narrows the sidewalk on that part of Myrtle to the point of uselessness. One side effect that you may not be thinking of: people in wheelchairs are unable to use the sidewalk (and the bus stop seen in the bottom right of this photo).
My other question is: if the flatbush & myrtle developments down the street are finished before Cat. decides to go forward on this project, who in their right mind will move into them?
So he’s just going to leave the huge site vacant and blighted? Sigh. The time to make a decision like this is pre-demolition.
There goes Admirals Row!! The City will have to put a supermarket in now.
Not nearly vitriolic enough to be The What.