Development Watch: Albee Square Mall Gets Gutted
As this photo shows, the gutting of Albee Square Mall, once legendary rapper Biz Markie’s ‘Home Sweet Home,’ is well under way in preparation for demolition of the 31-year-old structure. Developer Acadia Realty Trust and its partners plan a roughly 1.5 million-square-foot tower on the block, which could rise between 60 and 70 stories, said…
As this photo shows, the gutting of Albee Square Mall, once legendary rapper Biz Markie’s ‘Home Sweet Home,’ is well under way in preparation for demolition of the 31-year-old structure. Developer Acadia Realty Trust and its partners plan a roughly 1.5 million-square-foot tower on the block, which could rise between 60 and 70 stories, said co-developer Paul Travis of Washington Square Partners. The project, called City Point, is designed by GreenbergFarrow. Demolition of the Albee Square garage was completed back in January. GMAP DOB
More Details on Albee Square aka City Point [Brownstoner]
Albee Square Mall lyrics [Biz Markie]
“Sources: Wall Street Journal, Bloomberg, CBS Marketwatch, CNBC and other main stream news sources.”
we know – that’s painfully clear to anyone else who gets any daily feeds of financial news. what are you going to post once popular sentiment turns positive again?
“By 2010 we will be in DEPRESSION. Ignore the facts at your own peril!”
if you are right i will be your slave for life. the fed busted your bubble last weekend homie.
the anti-what rundown:
fed swapping mbs for treasuries
fed opens window directly to b-ds
ofac lowers fannie/freddie capital req to 20%
fhlbs mbs purchase limit raised
fed brokers jpm buyout of bear and backs risk to 30bill.
so far, fed > what. my money is on the fed.
what i really want to know is if the what was on line protesting at bear today.
“What does Brownie know about the Biz Mark Biz Mark?”
Nothing!
“i’m looking forward to this tower”
Famous last words.
“This building will rely on it’s retail to drive it’s optimistic completion date. Real estate is down but Brooklyn shopping and spending is up. Remember this is Target’s next home.”
Target will be it’s only tenant.
anybody can read the news. how about thinking about what you’re reading instead of regurgitating soundbites ala the what?
Sources: Wall Street Journal, Bloomberg, CBS Marketwatch, CNBC and other main stream news sources.
125 Million to tear down and build. The age of malinvestment (thanks James Kunstler). This will go down as a big mistake! By 2010 we will be in DEPRESSION. Ignore the facts at your own peril!
The What
Someday this war is gonna end…
two-pee-em: what is your source for this Target statement? I keep hearing this but no one can give me a source. Off the record, I asked someone who works in the national headquarters and she knew nothing about it.
2:22 – please explain to me how a lagging indicator in early 2008 is relevant to retail sales in downtown brooklyn in 2010+.
anybody can read the news. how about thinking about what you’re reading instead of regurgitating soundbites ala the what?
When you go to the “City Point” web site, it’s interesting to note that of all the site pages offered in the stack on the left, the one named “Community” comes up blank! Pesky community! They must have read a page right out of the Ratner playbook. No wait, Brucie would have at least posted pictures of brown and black faces to show he’s a player!
2010 is realistic, you cannot build and finish a 50-60 story tower in less than 18 months. . . this is a very large reit that will build through any “down market”, you must realize that by the time this is fully leased out in will by 2012 and no one’s crystal ball is clear enough to assume they can predict market conditions at that point, however you can realistically perceive that with all of this private and public spending in Downtown brooklyn that this is a great move. Both the public and private sector cannont just buy and building in the good times and just stop during the bad times, its constant growth. All you can do is buy well and plan/build well (not like small uneducated home buyers who pay stupid numbers on highly leveraged home mortgages that are not supported by rental or earned income)
“Retail-sector shares declined Tuesday, after investor sentiment was hurt by a negative reading of U.S. consumer confidence and a report on declining home prices in major U.S. cities.”
At least 95% of the posts on this site are from people who’re logged in as “guest”. This means that someone reading the comments on this site will be reading almost everything in faded type. Now, I understand why the faded type is used for “guests”. However, in my opinion it’s not worth it.
The faded type is clearly legible, but over the long haul it is more fatigue-inducing than regular, darker type. So, Mr. B, do you really want to condemn your readership to slogging through so much faded type?
Just a thought. Again, I do understand why the faded type was introduced. I just don’t think it’s worth it. You’re shooting yourself in the foot (and inducing eyestrain in your readers) as things currently stand.
This building will rely on it’s retail to drive it’s optimistic completion date. Real estate is down but Brooklyn shopping and spending is up. Remember this is Target’s next home.