Development Watch: Prepping for Demo at Avalon Myrtle
The Catsimatidis/Red Apple site wasn’t the only one on Myrtle to get a construction fence last week—Avalon Bay started to get ready to demo the group of two- and three-story buildings between Flatbush and Prince Streets by erecting the slightly more stylish blue plywood fence. (Red Apple had gone au naturel.) What’s to come? 42…
The Catsimatidis/Red Apple site wasn’t the only one on Myrtle to get a construction fence last week—Avalon Bay started to get ready to demo the group of two- and three-story buildings between Flatbush and Prince Streets by erecting the slightly more stylish blue plywood fence. (Red Apple had gone au naturel.) What’s to come? 42 stories housing 650 rentals. Target date: 2009.
So That’s What Avalon Myrtle Will Look Like! [Brownstoner] GMAP
Development Watch: BFC and Avalon Straddle Myrtle [Brownstoner]
Brooklyn born losers. Shakes head. I stay away from anyone who says they’re born here. A dumb, physicaly weak, p**sy. They talk a lot of s**t but can’t back it up. They can’t keep a job and pay rent either.
“my wife and I had a ridiculously hard time trying to finding a full service rental building in the neighborhood while waiting for ORO to be completed” (2:05PM above)
I know…my husband and I have had a hard, hard time finding a full, full, FULL service rental. None of the brownstones we looked at had refrigeration rooms for our Flesh Dissect deliveries. We finally settled on using FD’s cardboard boxes to fashion a residence for ourselves. It’s portable like a yurt and can be refreshed daily with new onslaughts of Flesh’s throw-away cardboard.
The Where…
Yes, yes 2:05. Glad to finally hear some rational talk!
word.
I’m a resident of the area (I lived in University Towers for ten years and I recently bought at ORO). It remains to be seen whether or not downtown brooklyn has missed the “real estate party”, but the development in downtown brooklyn is WAY OVERDUE. The development in can really be summed up in four categories (i) Condominiums. We all know about the national “condo explosion” that has been taking place for the last five years or so. I do agree that downtown brooklyn was behind the curve in that regard, but with the insane prices in Manhattan and downtown brooklyn’s accessibility to the city via ten different subway lines, I think the high end condo projects will actually do fairly well. (ii) Rentals. The majority of the new developments coming on line (City Point building, the Avalon Fort Greene, etc.) are actually RENTALS, not CONDOS, so even if the market for condos remains flat (which they probably will), downtown brooklyn should be able to take advantage of the shortage of market rate rentals in the area (my wife and I had a ridiculously hard time trying to finding a full service rental building in the neighborhood while waiting for ORO to be completed), (iii) Hotels. Anyone who reads this blog knows all about the new hotels in the pipeline in downtown brooklyn (Three on Willoughby Street alone). I know there is a sentiment there is not such a large demand for hotel rooms in Brooklyn, but there is a serious shortage of hotel rooms in Manhattan (anyone try to get a hotel room in Manhattan lately?), and again, Downtown Brooklyn’s proximity to the financial district and downtown Manhattan make it a great location (iv) Retai. The great thing about all of the development is the retail that it should bring. There is a severe shortage of quality retail in the immediate vicinity in terms of grocery stores, shops and restaurants, so anything new in that regard will be welcomed with open arms. Obviously, I know I come across as a cheerleader, but as someone who has lived in the area for the past ten years and who plans to live here for the forseeable future, I definitely have a vested stake.
I live downtown and welcome all the new construction. Now we can get some decent services around here.
i keep seeing mixed messages re metrotech vacancy rates – some say the place is full, some say the place has large vacnanies. what is the truth? show me some actual facts/figures, please.
i truly cannot understand how someone could react with only negativity to these developments in downtown bk. even if there is some over-supply in the short-term, i am grateful for the new large scale projects in this area b/c it makes all the sense in the world in this spot, and will prove hugely beneficial to bk over the long term (as well nyc on the whole, frankly). i’ll take it when i can get it b/c there may not be another chance for many years.
say what you want about avalon, but at least when it comes to the new york metro area they have made some pretty sound financial decisions, so if they are still moving on putting the big bucks into this project, then i’m not ready to throw up my hands and lie down in front of the credit crunch goblin.
“this party is ending quickly”
After the party is the afterparty, er um, aftermath.
12:43, FDNY was part of Metrotech from the start so the phrase “bailing out” is incorrect. It’s economic development seed money to help a project succede in an area where commercial tenants were desired but difficult to secure. Not to mention that fact that FDNY was sorely in need of a new headquarters 20 years ago. And, no, I don’t work for Ratner or Deputy Dan. But if we’re gonna call developers on their bulls#!t, then let’s hold everyone to the same standard.