Massive Bridge Street Tower In The Works?
All but a few stores have officially shut down at the southeast corner of Willoughby and Bridge Streets in Downtown Brooklyn, and city records indicate a developer could build 760,000 square feet in their place – putting the tower in the running for Brooklyn’s tallest. United American Land owner Al Laboz transferred 396,000 square feet…
All but a few stores have officially shut down at the southeast corner of Willoughby and Bridge Streets in Downtown Brooklyn, and city records indicate a developer could build 760,000 square feet in their place – putting the tower in the running for Brooklyn’s tallest. United American Land owner Al Laboz transferred 396,000 square feet of development rights he owns on a property down the block to this L-shaped site, which has additional frontage on Duffield Street neighboring the Aloft and Sheraton hotels under construction. Laboz has said he’s undecided about plans for the Bridge/ Willoughby Street property. But city records say he “intends to sell the land to a purchaser who presently intends to demolish the existing buildings,” and that the 740,000 square feet would be for residential. With the apparent glut of condos now on the market, Laboz or the buyer would be more likely to opt for rentals. For now, clearing the property of tenants, plus all those air rights, makes the property far more valuable. On the other hand, if it languishes on the market or the project has difficulty getting financing, Bridge and Willoughby will become a dark corner of Downtown. What do you think will happen?GMAP
Much of Downtown Brooklyn Going Out of Business [Brooklyn Eagle]
Projects come and go in NYC. LES in Manhattan is growing/ has grown and there was supposed to be a 2nd Ave train that went there. This project has been announced on and off so many times and plans and bids have happened a few as well yet nothing changes. Shoot they dug holes, knocked down buildings, built a tunnel that is still empty there. This is just the nature of large scale projects.
What is up with all the negativity, DOOMSDAY IN BROOKLYN, O MY GOD!!! People make neighborhoods not fear! This city has been through thick and thin. Reflect before you comment. Once there was World War 2 and the world, brooklyn too, got thru it now over condos we are all in distress. Fear breeds fear. Massive Bridge Street Tower In The Works? MASSIVE now that’s a scary word, oh what shall we do???
much ado about nothing
by the way, regarding AY:
http://www.empire.state.ny.us/AtlanticYards/ConstructionUpdate21.asp
Good points, BrooklynLove. But we’ll see how much of the “marching forward” makes it past the “big hole in the ground” stage over the next decade.
3:53 – you’ve been reading the What too much lately – this is a downturn not a depression. things can’t accelerate upward and onward infinitely. this will all get built gradually over the next 5 years.
My issue with this plan isn’t really the fact that he’s building a HUGE building here, but more that they’ve moved successful businesses out of this area, and they don’t even have FINAL plans for building yet!
So here’s what could happen: They don’t sell the property or decide not to build because financially it doesn’t make sense right now. What downtown Brooklyn is left with is a VACANT street – one that used to have business and commerce. Vacant streets bring more crime, filth and seediness in an area that is already teetering on the edge.
Why couldn’t he let the businesses stay there until they were actually ready to begin demolition/construction?
The sad thing is that this happening all over Brooklyn – developers destroy buildings and blocks with the plan on building, and now with the downturn, they sit as empty lots. This is the future also of the AY footprint as well…
3:25 –
the only part cats has talked about dropping is the affordable component b/c the city can’t fulifill is funding obligation
re AY – if you can’t see how that project is an apple to this orange then you’re even more clueless than i first thought.
but, for the sake of argument, let’s assume that both of your examples were accurate and relevant (which they are not, on both counts), please explain to me how the respective developers’ financing plans and criteria compare. hint – consider why rockrose and hudson continue to build …
and, as the other commenters have pointed out – any number of projects in limbo you might point to you pales in comparison to the number of large scale projects marching forward. in fact, this ratio is higher on the side of development in this area than we’ve seen in decades.
In 2008 so far the following projects have broken ground downtown
64 Duffield -(flatbush flatiron)21 stories
343 Gold – (avalon fort greene)42 stories
111 Lawrence – (clarett’s new tower)51 stories
230 Livingston street – 26 stories
So that’s 140 stories worth of new development which has all broken ground (i.e past demolition stage) in downtown brooklyn in 2008 so far.