Once upon a time 85 Flatbush Avenue Extension (75 Flatbush Avenue Extension as it was referred to back then) was going to be at the vanguard of the post-rezoning building boom in Downtown Brooklyn. In 2006 and 2007, plans were under way for a 21-story Jetsons-like tower designed by Ismael Leyva. That project failed to get traction, and then came the real estate recession. The triangular plot of land languished as it was hit with a $17,000,000 lien, and foreclosure proceedings set in. According to PropertyShark, the property was purchased (with all the debt, presumably) last January for a piddling $392,570 by the Read Property Group (the same developer currently trying to get approval for a massive redevelopment of the old Rheingold Brewery site in Bushwick). As the photo above shows, construction is now in full gear, though the plans now call for a downsized 12-story building. Still, it’ll be nice for this high-profile corner of Downtown Brooklyn to be more than a hole in the ground.
Plans Downsized at 85 Flatbush Avenue Extension [Brownstoner]
Rumor: Hotel/Condo Hybrid for 85 Flatbush Avenue Extension? [Brownstoner]
Foreclosure for Giant Lot on Flatbush Ave Extension [Brownstoner]
Permits Renewed for Tower at Flatbush Extension [Brownstoner]
Development Watch: 75 Flatbush Extension [Brownstoner] GMAP P*Shark DOB