A property at 205 Montague Street — with air rights enabling a 700-foot-tall tower — just went on the market for a cool $200,000,000. That’s more than 250 feet taller than the oh-so-controversial proposed Brooklyn Heights replacement library and condo tower at 280 Cadman Plaza West. It’s also 282 feet higher than Brooklyn Heights’ tallest existing building.
The most expensive New York State-funded public works project ever, the $554,770,000 replacement for the Kosciuszko Bridge is making progress. A tower crane and two concrete pillars on the east span have risen in the past few months and now make up part of the skyline.
What’s the rush? Developers created nearly three times the number of units this year using New York’s voluntary inclusionary housing program than in 2014.
Ditmas Park is losing an iconic standalone Victorian, to be replaced by a seven-story apartment building.
Read Property Group, developer of the massive Bushwick mega-project Rheingold Brewery — it encompasses at least 10 city blocks — has sold part of the site to another developer, named Joel Goldman. The sale has not yet hit public records, but Read told local Council Member Antonio Reynoso and community development watchdog group Rheingold Construction Committee about the sale, City Limits reported.
It’s business as usual for developers to resell or flip development sites. But Reynoso and community organizers are worried Goldman and another developer, Rabsky — which also bought part of the site last year, for $53,000,000 — won’t honor the promises Read made to build affordable housing on the site in exchange for a 2013 rezoning.
The people’s playground may be expanding, and through the use of eminent domain.
Three vacant lots along the Coney Island Boardwalk amounting to 75,000 square feet may be seized by the city for long-delayed development as rides and parks, the New York Post reported.
Forest City Greenland Partners and architect firm Marvel Associates Monday filed an application for a new-building permit to construct the seventh residential tower in the controversial Pacific Park/Atlantic Yards mega-complex. The 26-story, 323-unit building at 37 6th Avenue will house the public school whose location the City Council OK’d last week, as The Real Deal was the first to note.
Previously known as B15, the site is located on the northeast corner of Dean and 6th Avenue across from Barclays Center. It has been serving as a parking lot and staging ground for equipment for construction across the street.
Photo by Christopher Bride for Property Shark
Developers are acting fast in Williamsburg’s Broadway Triangle, where permits were filed this week for the construction of a new, 34-unit building at 100 Union Avenue. The 60-foot-tall, 28,347-square-foot building will be designed by Aufgang Architects, and developed by trio Slate Property Group, Adam America, and Naveh Shuster Limited.
100 Union is the second lot on the street the three developers are building on, having filed permits for a 96-unit structure at 120 Union Avenue last year. Both buildings will be six-stories and residential, with a small amount of retail space. 100 Union will also have a 17 car garage, as required by zoning.
A housing glut is coming, The Wall Street Journal reported this week. Brooklyn developers have been warning investors of declining Brooklyn rents. But not so fast. We received this statement from Downtown Brooklyn Partnership President Tucker Reed strongly refuting the notion that Brooklyn is overbuilt. He says demand remains strong and more housing is needed:
“[A] Wall Street Journal article about residential development in Brooklyn, particularly Downtown Brooklyn, paints an inaccurate picture of housing supply and demand in the borough and the city as a whole and warrants additional commentary. First, the demand for housing in Downtown Brooklyn exceeds available supply, as evidenced by the most elementary data points –- rising rents and land values. Further, nearly all of the 6,700 units built in Downtown Brooklyn since the 2004 rezoning have been absorbed, leaving negligible current inventory for buyers and renters looking to enter the market. If anything, we suffer from a lack of available product today.
One man’s auto shop is another man’s luxury tower. A permit was filed Wednesday to erect an 11-story apartment building in Park Slope at 243 and 245 4th Avenue, in place of two existing single story auto repair shops. A combined 60-foot-wide lot, the properties were purchased for a total of $9,900,000 in June, YIMBY reported.
Karl Fischer is the architect and Hosea, or Haysha, Deitsch is the developer. The 118-foot-tall residential structure-to-be will have 16 apartments as well as ground floor commercial space and a small community facility. The permit specifies there will be 32,021 square feet of commercial space and only 3,171 square feet of residential, but this is likely a mistake and YIMBY says it’s the opposite.