Catsimatidis Tweaks Blueprints for Myrtle Project
The Brooklyn Paper follows up on (and expands upon!) the news Brownstoner broke a few weeks ago: Construction on John Catsimatidis’ large Myrtle Avenue project is “imminent.” According to the paper, Catsimatidis has tweaked his vision for the 660-unit project and now plans to eliminate a 200-unit affordable housing component and spread the development over…
The Brooklyn Paper follows up on (and expands upon!) the news Brownstoner broke a few weeks ago: Construction on John Catsimatidis’ large Myrtle Avenue project is “imminent.” According to the paper, Catsimatidis has tweaked his vision for the 660-unit project and now plans to eliminate a 200-unit affordable housing component and spread the development over four buildings, rather than two towers. The builder says he couldn’t secure enough city and state affordable housing bonds to build the below-market rate component, and that he’s constructing four smaller buildings rather than two towers because It’s a $500-million project, except that no bank has $500 million to loan, so we decided to break it up into four buildings.
Affordable Housing DOA [Brooklyn Paper] GMAP
Development Watch: Catsimatidis Ready to Go on Myrtle? [Brownstoner]
5/23 6:50 – i’m taking a look between the lines and all that i see is a bunch of selfish people who take solice in retarding the growth and redevelopment of brooklyn, and in order to satiate their desires, make ignorant inaccurate statements on this blog as to the state of development projects. if you don’t like development then move, but if you choose to stay, for the love of god, quit your whining. we’re sick of it.
Those PJs look perfectly inhabited to me. We’re talking Ingersoll, right? I take the B54 bus about once a week, and there are plenty of people getting on and off for those projects.
Lot of nice, mature trees on that site, too. For what that’s worth; maybe nothing.
There is still a massive shortage of luxury rentals in downtown Brooklyn?
Don’t you mean there is “a massive shortage of demand for luxury rentals in downtown Brooklyn?”
4:56 another example of inability to read between the lines.
3:45 another example of inability to read.
The article does not go into it, but I would not be surprised if this building ended up as rentals. Over on the Downtown Brooklyn Partnership website, they describe the project as 50% rentals / 50% condos. There is still a massive shortage of luxury rentals in downtown Brooklyn, so I think this project and the others (235 Gold, City Point, etc.) will do well.
and the dominoes continue to fall
“no bank has $500 million to loan”
Had lunch with The What, Catsimatidis?
Anyone on this blog able to give a factual account of what the deal is with those projects? I’ve heard here and there the city is trying to empty and sell them, that they are mostly empty, etc.. What’s the capacity of those buildings? Why doesn’t some bright spark in government sell the land for cash in and commitments to build the equivalent of the currently utilized capacity in the area? These buildings are prison-like, and the general thinking is that public housing needs to be integrated into the community. It’s no win. Nobody is buying a luxury condo in this location in this environment.