Avalon to Top Clarett in Downtown Brooklyn
Back in January, we wrote a post putting together the mounting evidence for the case that Avalon Bay was preparing to buy the cluster of lots at the corner of Willoughby and Bridge Streets in Downtown Brooklyn to put up a large residential tower; we even unearthed some early renderings and references in SEC filings…
Back in January, we wrote a post putting together the mounting evidence for the case that Avalon Bay was preparing to buy the cluster of lots at the corner of Willoughby and Bridge Streets in Downtown Brooklyn to put up a large residential tower; we even unearthed some early renderings and references in SEC filings to an entity called Avalon Willoughby LLC. Today, the Brooklyn Eagle reports that Avalon has filed plans with the Department of Buildings for a 58-story rental building which, if built, would top the Brooklyner, the soon-to-be-completed project by the Clarett Group at 111 Lawrence Street. The Avalon development would have 860 units. We see a big demand for apartments, Stephanie Cuba, project manager for AvalonBay.
Downtown Brooklyn’s Newest ‘Tallest’ To Rise Downtown [Brooklyn Eagle]
More Evidence that Avalon is Planning Downtown Tower [Brownstoner]
Avalon Buys More Bridge Street Props from United Land [Brownstoner] GMAP
United Land Unloading Bridge Street Site to Avalon? [Brownstoner]
111 Lawrence Street put up a new sign today featuring a colossal black shadow of a woman standing in a provocative contrapposto pose. . . not entirely sure what they intend to market with that. Anyways, I checked out their website, and they claim that they are located in “the core of Brooklyn Heights, DUMBO, Fort Greene, Boerum Hill, Cobble Hill and Carroll Gardens.” Since when did being situated at least a mile from a neighborhood put you in the core of that neighborhood? Fort Greene, maybe, but DUMBO? False advertisement. They are more like MetroTech. After 5pm, I’d be afraid to walk there at night.
111 Lawrence Street put up a new sign today featuring a colossal black shadow of a woman standing in a provocative contrapposto pose. . . not entirely sure what they intend to market with that. Anyways, I checked out their website, and they claim that they are located in “the core of Brooklyn Heights, DUMBO, Fort Greene, Boerum Hill, Cobble Hill and Carroll Gardens.” Since when did being situated at least a mile from a neighborhood put you in the core of that neighborhood? Fort Greene, maybe, but DUMBO? False advertisement. They are more like MetroTech. After 5pm, I’d be afraid to walk there at night.
There’s nothing wrong with renting an apartment and ownership has it’s drawbacks, too.
That said, I don’t know that we need yet another half-filled high rise. We can’t seem to fill the ones we’ve got!
“Let’s hear from Team Bear…”
Growl!
For the last 5 years, everything was for sale. Now, everything’s for rent (welcome to the rental boom). 101’s gonna MURDER rental rates.
10x annual rent is gonna fucking NOSEDIVE.
***Bid half off peak comps***
fsrg- I guess because of all the “bitter renter” comments and such where those of us who rent were called losers, financial morons, etc. Now it just seems renting is once again a realistic, even desirable option for a lot of people. It was mostly a comment on the perception.
Hey Brownstoner,
That’s the wrong picture (obviously, Brooklyn Eagle has the wrong picture as well). The rendering above is for 388 Bridge across the street:
http://www.slcearch.com/residential/388-bridge-street/
bxgrl – in the end dont you think the only difference between “luxury condos” and these types of rentals is the ownership structure – I mean unless you are in the market to rent or buy, what difference to the general public is it that this building is rental vs. condo – it will be marketed to more or less the same demographic (professional singles & couples), and outwardly it has nothing to distinguish it as a rental – so why is it “refreshing” – I dont get it.
Keep bulding those rental units. Lets get the citywide vacancy rate up high enough so that the rent control rules die!
If you can afford to build during a down cycle you get a lot of advantages out of it. Lower construction costs, job creation tax breaks, better margin of safety on a buildings financial plans are all things developers can take advantage of during a time like this. Its actually somewhat of a bullish view of NY real estate if you think that the only way for developers to make money is in an upswing. There is a whole lot of room for developers to make money at price points lower than then peaks.