Expansion, Skyscraper Planned for Albee Square Mall
Thor Equities is poised to cash out of its investment in a Fulton Mall property for more than five times what the firm paid for it back in 2001, despite never having followed through on its promises to spiff up the place. (God knows what its return on equity is!). As part of the $125…
Thor Equities is poised to cash out of its investment in a Fulton Mall property for more than five times what the firm paid for it back in 2001, despite never having followed through on its promises to spiff up the place. (God knows what its return on equity is!). As part of the $125 million deal, the three-story mall (formerly known as the Albee Square Mall), will be torn down by the new consortium of owners; in its place will rise, according to Dan Doctoroff, “one of the tallest buildings in Downtown Brooklyn.” We’re talking almost 500,000 square feet of retail space, 125,000 square feet of Class A office space, and 1,000 rental apartments (with 20 percent set aside for tenants of moderate income). The project, known as the Center at Albee Square, has multiple government approvals to make it through, but is expected to benefit from $3.2 million in tax breaks that the Industrial Development Agency is voting on today.
Albee Square Mall to Triple in Size and Add a High-Rise [NY Times]
Photo from Forgotten NY
When they tore down an historic old movie/playhouse theatre for this substandard suburban mall, they took away any reason for objecting to something better. The owners were never able to keep any good tenants, and when they closed and remodeled a few years ago, it got even worse. No one goes there. I have no idea how any of the merchants pay their rent. You could bowl down the hallways on most days.
My only concern is that they don’t damage or in any way touch the former Dime Savings Bank, which is a landmark. If you’ve never been in there, it’s worth a trip to see the magnificent interior. Truly a temple to money.
agreed, wave, almost any change to that space would be a good one. it’s a terrible, horrible, no good, very bad building. i used to eat lunch in the “food court” on its lower level when the weather was too bad to go elsewhere. it’s an entirely depressing place.
Continuing the discussion 10:54-11:27, I wonder whether the City is going to sell the land. I think it had held on to the land in order to have some leverage over the eventual redevelopment. But if the City is fine with this proposal, it might well dispose of the property, as it has other former municipal parking lots/garages; e.g.: Court/Atlantic, Livingston/Bond, and 575 Fifth Avenue (see separate thread).
one gov’t approval is that the city owns the land underneath, this is just a long term land lease. They must approve any development on the site.
Dunno. Just going off what the Times said: “The project, to be known as the Center at Albee Square, would have to go through several layers of government approval, but the new zoning allows more than 1 million square feet of development on the site.”
Mr. B: What government approvals are pending? I was under the impression that the building would be ‘as-of-right’ pursuant to the Downtown Brooklyn Development Plan, approved Summer 2004.
So what is total now of new construction plus conversion(W’burg Sav Bank) condos along ‘Flatbush corridor’ from Atlantic to Manhattan bridge?
As far as I can tell, almost any change in that space would be a good one.