Downtown Shocker: Catsimatidis Puts Myrtle Build on Hold!
Buried deep in this week’s New York Magazine cover story entitled “The Stench of ’89” is this bombshell: Billionaire and likely mayoral candidate John Catsimatidis, whose Red Apple Group is developing a two-block complex on Myrtle Avenue in Brooklyn, is putting the brakes on the project until the lending situation shakes itself out. Holy moly!…
Buried deep in this week’s New York Magazine cover story entitled “The Stench of ’89” is this bombshell:
Billionaire and likely mayoral candidate John Catsimatidis, whose Red Apple Group is developing a two-block complex on Myrtle Avenue in Brooklyn, is putting the brakes on the project until the lending situation shakes itself out.
Holy moly! At least the two neighboring projects—BFC’s condo project at 150 Myrtle and Avalon Bay’s rental development at 157 Myrtle—appear to be proceeding at full speed. Think there will be other announcements like this in the Downtown area in the coming weeks?
The Stench of ’89 [New York Magazine]
ok, anon. believe what you want.
Cat’s reference to “other large housing developments in the vicinity of Downtown Brooklyn, also counting on bond financing, could be put on hold…” sounds like Atlantic Yards, no?
Once again, BrooklynLove proves to be an idiotic booster with no grasp of the facts.
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“Supermarket magnate John Catsimatidis is putting his massive Myrtle Avenue project on hold because of troubles with financing that could affect other Brooklyn projects, he confirmed to the Eagle…
He said the $500 million in bonds needed to construct the project is not available…
He wouldn’t name specific projects, but did acknowledge that other large housing developments in the vicinity of Downtown Brooklyn, also counting on bond financing, could be put on hold.
The story is true. Here’s confirmation from the Brooklyn Daily Eagle:
http://www.brooklyneagle.com/categories/category.php?category_id=27&id=18334
ashwartz likely knows more about the project than the author of the nymag article. i’m not joking.
7:18 – small difference between brooklyn and providence – one is next to manhattan, the other is not next to manhattan.
someone may want to go observe the level of activity at this work site, and also ask the nymag writer how he/she is getting to his/her statement. then see where you come out.
Of course, it has hit the Northeast.
Example in Providence which is now official WAY overbuilt.
Rhode Island had very slow new housing numbers for decades. It really did not experience suburban sprawl post-WWII.
In fact, the population is lower than during the 1920’s and there were actually too many housing units in Providence for the population for a long time.
Then this latest boom happened and with Providence within commuting distance of Boston and the population changing it became an attractive Northeast city for lots of aging boomers. Not just boomers came of course…it has excellent private education for spoiled kids, Brown and RISD, Johnson and W(h)ales, etc. and the city has lots of gorgeous, historic houses and buildings…is known for it’s great restaurants and has a very vibrant club scene. For a city its size it also has an active theater scene…provincial but it keeps the locals happy. Suddenly housing pressure happened for the first time in our lifetime and prices went crazy.
Anyway, the developers went WILD, simply wild thinking the city needed new high rises and in a few years threw up huge apartment towers in downtown (Down City) Providence. Along with these new hotels, a new mall, and lots of high-end chain steakhouses and the like.
So, the latest news?: the Westin’s HUGE luxury tower has sold 5 whole units…that’s FIVE units only and the building is big enough to stand out in parts of the NYC skyline! Certainly would stand out in Brooklyn! Now, two other big towers are almost complete. Crazy…
I think developers were hoping on the Boston commuters since the train’s right near these buildings.
It is like we’re watching a slideshow in a class called Financial Failure 101. All the dumbest things have unfolded in predictable ways like a case study. Hhhh…
And now we’re seeing it Brooklyn. Gosh, all these developers got on the band wagon so late! Oh, well…Money see. Money do.
Mr. What — I believe the proper phrasing would be “Faster, Pussycat! Build! Build!”
“Over on Wired New York, a poster named “ASCHWARZ” just posted the following:”
Anybody have a REAL source?
Why would anyone vote for a developer for mayor? Wouldn’t that be like putting oil CEOs in charge of energy policy? Like putting a wall street CEO in charge of the Fed? Like putting the governor of New Jersey in charge of the EPA? That’s crazy!