Catsimatidis, the Credit Crunch, and the Future of Downtown
The Brooklyn Paper has an article examining whether John Catsimatidis’s stalled Myrtle Avenue development is the first of many setbacks for the grand plans to transform Downtown into a primarily residential area. Joe Chan, the president of the Downtown Brooklyn Partnership, says he’s seeing more and more developers reconsider their projects as the credit crunch…
The Brooklyn Paper has an article examining whether John Catsimatidis’s stalled Myrtle Avenue development is the first of many setbacks for the grand plans to transform Downtown into a primarily residential area. Joe Chan, the president of the Downtown Brooklyn Partnership, says he’s seeing more and more developers reconsider their projects as the credit crunch dries up financing. “Do developers developing condos [consider] a rental scenario? asks Chan. Do they [consider] a condo project with a hotel component? Absolutely. I think you see a more thorough analysis of their options. Developers’ newfound caution could mean projects are on hold for quite some time, says Ray Quartararo, of Jones Lang LaSalle, and that the full effects of the credit crunch will take years to become fully evident. As it stands now, however, the iffy market will almost certainly put a crimp in some of the ambitious developments the Downtown Brooklyn Partnership expected to see happen in the next five years. In the meantime, plenty of large projects (like BFC’s 150 Myrtle, Avalon Myrtle, the Flatbush Flatiron and Clarett’s Lawrence Street tower) are all moving ahead, so there’s still plenty of inventory in the pipeline. Still people moving into these pads will need a place to shop, and Catsimatidis was supposed to provide some key retail for the area.
Downturn! Big D’Town Project Hits the Brakes [Brooklyn Paper]
Catsimatidis “Taking a Hard Look” at 162 Myrtle Project [Brownstoner]
Downtown Brooklyn in Transition [Brownstoner]
DBP Does Its Five-Year Vision Thing [Brownstoner]
Well, there is a Bravo Supermkt up a couple blocks. Not close, but not really ridiculously far, either. The length of the park, basically.
Thanks 1:33
“someone please show me where he says that they’re ditching the development.”
You don’t know arithmitic? Economic fundamentals have opened the ‘drain’ in the ‘swimming pool’.
the snow must bring out the sheep.
why don’t we look at what cas actually said in this article –
“Right now we’re in an evaluation stage, which should last a few weeks”
“We’re being a little extra cautious,†“You wouldn’t want to jump in a swimming pool unless there’s water in there.â€
someone please show me where he says that they’re ditching the development.
as for the quotes from a project manager and chan, they are about as insightful as the conclusions drawn by the author of this article.
As scummy a thing as it was to do, tearing down your own property is legal in America. The elected officials that represent this area are: Towns, Markowitz, Montgomery, Jeffries and James.
Come on BrooklyLove. I know you are out there. I saw you posting (or rather, pasting) a long string of “boneheaded robotic conclusory ignorance” on another thread.
BrooklynLove…. come out to play….
Who are the politicians that allowed this developer to destroy the only means of purchasing milk and eggs for the poor people that live across the street in the projects.
POST THEIR NAMES AND OFFICE NUMBERS.
Oh I’m sorry, this is the Brownstoner. We are only concerned with the new Brooklyn. What the hell was I thinking?
Ultimately, I could care less about another condo development, I just want the retail…the grocery situation in Downtown Brooklyn is ridiculous! If he’s smart the Cat Man will build retail with underground parking…would that qualify as a “taxpayer”?
Hey BrooklynLove:
You seem “a little more mum now.” Aren’t you going to wow us with all of your “experience and primary resources”?