Development Watch: Acadia Starts Albee Demo
As the Brooklyn Eagle noted earlier this week, demolition has begun at the Albee Square parking garage, site of the future 650-unit residential tower that will be brought to you by the nice folks at Acadia Realty Trust; when we stopped by yesterday, we saw the digger doing its thing on the roof (inset). As…
As the Brooklyn Eagle noted earlier this week, demolition has begun at the Albee Square parking garage, site of the future 650-unit residential tower that will be brought to you by the nice folks at Acadia Realty Trust; when we stopped by yesterday, we saw the digger doing its thing on the roof (inset). As you may recall, Acadia bought the property from Thor Equities early last summer for $120 million. At the time, the building (rendered at right) was rumored to come in at somewhere between 40 and 60 stories. It’s also slated to have at least 475,000 square feet of retail space and 125,000 square feet of Class A office space. Think there will be adequate demand for the latter?
Demolition Work Begins at Albee Square Mall [Brooklyn Eagle] GMAP
Albee Square Deal Closes, Fewer Apartments Planned [Brownstoner]
If the only park was 30 min walk away you might have a point but since there are 2 major parks (BBP and Ft Greene Park) within 10 mins your protests are revealed as the NIMBY sentiment they truly are.
hah – upon seeing that article this morning, first thought i had was that THE WHAT would be coming at me with it.
still doesn’t change my view on downtown bk and non-peripheral nyc development, which is that it will not grind to a halt due to tightening credit. the lesser degree of risk in investing in prime nyc RE development and the large capitalization of the big-time developers that take on these products makes this type of development less vulnerable. add in the state/city governmental backing that some of these developments are getting and you’re looking at pretty secure investments with lots of upside. quite different from the type of small biz borrowers discussed in the nyt article.
THANK YOU 8:28!
Thank you for pointing out that a 30-minute walk or 7-minute bus ride (which would frankly be l-o-n-g-e-r trying to get up Flatbush Avenue, hello) is NOT the standard for access to open space.
Access to green space and some decent human-scale urban planning for what is going on right now in the Flatbush “corridor” would be nice.
No…we have to have massive towers and a residential density the transit systems CANNOT handle.
8:59 & 11:08, a “30 min walk, 7min bus ride or 5 min subway” ride isn’t the standard for access to open space that our esteemed mayor has set forth in the PlaNYC 2030 plan. Nice try.
Hey Brooklyn love Read This.
As Lenders Tighten Flow of Credit, Growth at Risk
http://www.nytimes.com/2007/11/29/business/29lend.html?_r=2&th&emc=th&oref=slogin&oref=slogin
This just reinforces my point. No credit, No money, GAME OVER
The What
Someday this war is gonna end….
What – i think where we disagree is on the significance of the amounts to be written off by institutions once all is said and done. i just don’t see the economy going into a tailspin (domestically or globally) as a result of the current credit situation.
even in the current tight climate, quality borrowers can get money on advantageous terms. the 10 yr note is at 4% for godsake, LIBOR is once again in relative check, and prime borrowing rates are getting close to where they were before the credit markets seized up in july/august.
Wow Prospect Park is a whole 30 min walk, 7min bus ride or 5 min subway and thats not close enough for you? That plus Ft Greene Park, Brooklyn Bridge Park, Willoughby Sq, Cadman Plaza Park, and the lawn at Metrotech..how much park land would be enough??? This is the core of a CITY for god sakes. Please come up with some real issues.
“What – please not you too with the CDO and loan write down histeria. first of all, much of these amounts are estimates and overly conservative ones assuming worse case scenarios for hard to value currently illiquid assets. to the extent banks actually take all the predicted write downs, a portion will likely be revised in a kinder fashion later in time once actual losses are realized, although admittedly any upward revisions probably won’t be too large.”
I hope you read my reply. If banks are forced to Market to Market the toxic waste and put them back on their books, Banks will become INSOLVENT overnight. The amount of debt is out of this world.
In the last 5 years, 6 Trillion dollars have been used for Real Estate purposes (Home Buying, Refi and Constructions loans). Plus Real Estate has been about 35% of the GNP.
If People cannot get credit, the whole Ponzi scheme collapses! When, not if credit contracts we will have a nightmare on our hands.
The What
Someday this war is gonna end…
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At 8:59 PM, “8:59 PM” said:
Brooklyn Bridge Park
Cadman Plaza Park
Prospect Park
Ft Greene Park
seems like there IS plenty of nearby parks –
another non-issue by the NIMBYS
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“8:59 PM”…
A non-NIMBY here, but frankly, Prospect Park is NOT easy walking distance from this part of Flatbush/Myrtle/Fulton. Like FG/TGL, I live in Fort Greene not far from Flatbush. Trekking over to Prospect Park is not on my radar and probably not for the majority in our neck of the woods.
Cadman Plaza is sucky. If you want to have a rally or flea market it might be okay…
Seems like FG Park and, true, BB Park will be the most attractive to new residents depending on which end of the corridor they live on. I would imagine people at Oral, Farte, and the buildings on DeKalb and Myrtle will head to FG Park.
Anyone else care to weigh in…? or care?…