Development Watch: Acadia Starts Albee Demo
As the Brooklyn Eagle noted earlier this week, demolition has begun at the Albee Square parking garage, site of the future 650-unit residential tower that will be brought to you by the nice folks at Acadia Realty Trust; when we stopped by yesterday, we saw the digger doing its thing on the roof (inset). As…
As the Brooklyn Eagle noted earlier this week, demolition has begun at the Albee Square parking garage, site of the future 650-unit residential tower that will be brought to you by the nice folks at Acadia Realty Trust; when we stopped by yesterday, we saw the digger doing its thing on the roof (inset). As you may recall, Acadia bought the property from Thor Equities early last summer for $120 million. At the time, the building (rendered at right) was rumored to come in at somewhere between 40 and 60 stories. It’s also slated to have at least 475,000 square feet of retail space and 125,000 square feet of Class A office space. Think there will be adequate demand for the latter?
Demolition Work Begins at Albee Square Mall [Brooklyn Eagle] GMAP
Albee Square Deal Closes, Fewer Apartments Planned [Brownstoner]
What – specifically what debts are you taking about that are going to cause this catastrophic global collapse?
also, why do you think the current global explosion in growth is a bubble? maybe a bit heated but i don’t see a bubble.
re downtown bk development demand – unfortunately this is not a perfect world – it’s really not practical to build soley to current demand – in fact, supply breeds demand in some respect b/c it provides long-term value bargains. i say, if the funding is there, build it now, and the market forces will sort things out in the long run.
no one is putting a gun to the head of the funders of/investors in these developments – if they see a financial opportunity then by all means why would we poo poo them? the concept that this is going to turn into a predominantly vacant space or one with diluted values due to over supply is ludicrous. the convenince and transportation infrastructure in downtown bk are terrific, and would support a commercial/retail/resi center as well as the most desirable areas of the metro area, including manhattan. it may take time, but businesses and people will fill these spaces, and at exponentially increasing prices. nyc needs a developed downtonwn bk and the big pocket developers and government finally realize it – we should be embracing this, not fearing it. i’d fear this type of development in rockland county, but not here.
They’re tearing down one of the most ugly and menacing structures in Brooklyn…that really really scary parking garage! That’s the good news. But it does seem as though the entire area is going to become a forest of skyscrapers and canyons. My dear little St. Boniface Church around the corner is going to feel like Trinity Church, hunkered down in perpetual shadow…I guess it hasn’t been bad for them, and won’t be bad for us either…
The What
I agree with you on the facts of what you state (i.e. this is the end of a very big bubble)
I think what I and many here disagree with is that this is the beginning of some sort of new depression that will destroy every gain made in NYC and Brooklyn.
The fact that the ‘boom’ maybe over doesnt mean that in 2 years things arent moving forward once again.
“hey “What”,
record bonuses on Wall Street
care to comment?”
Well yes bonuses then layoffs. We are in the end-phase of this cycle. I know that some of you smart-asses want to point to record growth is the last 10 years. But, Wall Street have some real problems now. In the past month HSBC, WAMU, JP Morgan, GS, and Citigroup had to write down hundreds of BILLIONS of dollars. This is not tin-foil hat shit, it’s real. Just yesterday Citi says it will layoff about 45,000 people. Credit margins are getting hammed right now and Mortgages are getting harder to fund. Keep sleep walking, you will walk in front of a bus.
The What
Someday this war is gonna end…
metrotech was a start…and although it has taken time, it was obvioulsy the start of something positive
12:46 – the tenants I listed are all in Ratner built and owned buildings therefore I think those Govt offices are fairly listed – so what –
1st of all you have to counter the anti-Ratner folks with full disclosure – it makes their lies and exaggerations so much more apparent and besides why wouldn’t a development of this size contain Govt offices?
The point is that Metrotech wasnt bailed out at all, it met its goal fully and has set the stage for the current development.
I think the demand is there. As a previous poster said 125k isn’t that much. I also think as more towers are built the demand will grow.
i heard bed bath and beyond is coming ..
thats a good start
hey “What”,
record bonuses on Wall Street
care to comment?