Development Watch: Catsimatidis Ready to Go on Myrtle?
Although he probably has other things on his mind right now (like a mayoral bid), John Catsimatidis appears to be gearing up to start construction at 162 Myrtle Avenue. The subject of much speculation in recent months as the weakening market has made the billionaire rethink the viability of his project, the 660-unit condo project…
Although he probably has other things on his mind right now (like a mayoral bid), John Catsimatidis appears to be gearing up to start construction at 162 Myrtle Avenue. The subject of much speculation in recent months as the weakening market has made the billionaire rethink the viability of his project, the 660-unit condo project is of public interest because of the need for a supermarket in the area. After getting a tip that the wheels might be starting to turn, we biked by yesterday to find a group of surveyors doing their thing. One of them confirmed that ground-breaking was imminent. Nothing new on DOB yet though. Interesting indeed.
Catsimatidis To Bring Back Myrtle Market [Brownstoner] GMAP P*Shark DOB
Catsimatidis “Taking a Hard Look” at 162 Myrtle Project [Brownstoner]
Catsimatidis Puts Myrtle Build on Hold! [Brownstoner]
Catsimatidis on Myrtle Revealed [Brownstoner]
I am speculating on one thing…Has anyone ever wondered whom “guest” could be? Could he have recently come to Brownstoner to interact and pacify those with negative views?….Only a man with great vision could do something like this….right John C…could this be you in disguise?
stroke me, 7:10
Thank Goodness we have someone like 4:08PM to speak the truth. A breath of fresh air! I look forward to see this development rise and the further improvement of downtown Brooklyn. I have to hand it to 4:08 for shutting up the NIMBY/Speculative morons.
Thank Goodness we have someone like 4:08PM to speak the truth. A breath of fresh air! I look forward to see this development rise and the further improvement of downtown Brooklyn. I have to hand it to 4:08 for shutting up the NIMBY/Speculative morons.
interesting.
and now silence ….
I’m A University Towers (“UT”) owner (the buildings in the background). I can see the whole site from my living room window.
The earth moving equipment arrived about a month ago. There has been sporadic work at the site for months. It was never totally ‘shut down’. I am not sure why Brownstoner has been reporting that the work was stopped. Slowed yes, but stopped, no.
Also, Catsimatidis just paid UT 4.5 million for our air rights. UT now has one of the best co-op balance sheets in all of NY (so no maintenance increase + all kinds of improvements for UT!). There is no way he would have gone through with the transaction if he did not intend to build something big.
And 12:48 and 3:46, go look at the project info on datter.com. It suggests 20% low income, 30% mid-income, 50% market rate for the 660 units. Therefore only 330 units will be on the market. Also, affordable housing will look good on Catsimatidis resume if he really does run for mayor.
So you can all stop ringing the death bell on this development. There are just measuring twice before pouring the foundation (i.e. condo v. rental, size of retail, hight of the tower, etc). It’s just smart business practice.
And for one last time, there is a Bravo supermarket on Myrtle and Carlton. Why does Tish James repeatedly lie about the lack of services in the neighborhood. Jeez, walk an extra block.
Well, BL, if you’re going to bait me, I agree with 2:07. I’ve also seen a lot of Con Ed work going on near the site, but that’s not going to push the Big Cat past the point of no return either. I’d love to see this project move forward — I thought the design was excellent — but the developer’s ambiguity is palpable.
3:04, only a relatively small portion of this project was planned to be “affordable” housing.
much less sheep when the news is positive. where are all the know-it-alls now?