The Andrea Rents Out
The ground-floor retail space still sits available, but, according to Crain’s, the residential portion of The Andrea at 218 Myrtle Avenue is totally rented out. By our calculations, that means that it took exactly seven months for the 95 apartments to get scooped up at rents of between $1,225 for a studio to $2,800 for…
The ground-floor retail space still sits available, but, according to Crain’s, the residential portion of The Andrea at 218 Myrtle Avenue is totally rented out. By our calculations, that means that it took exactly seven months for the 95 apartments to get scooped up at rents of between $1,225 for a studio to $2,800 for a two-bedroom. As for the rest of the buildings that Jon Catsimatidis had planned to build on the rest of his huge site along Myrtle Avenue? We’ll just have to wait and see. We are looking at bond financing, available tax credits and anchor tenants, said a spokesman for the Red Apple Group. We will either proceed with our original plan or amend them. It depends on market conditions. Of more immediate concern is whether they’ll actually be able to get a deal done with the drugstore and supermarket tenants they claim to have been negotiating with for eons. Last February, they claimed to be in the “final phases” of a deal with the drugstore.
Downtown Brooklyn Tower Fills Up Quickly [Crain’s]
The Andrea 10 Percent Rented, Drugstore to Follow [Brownstoner]
218 Myrtle Has a Name: The Andrea [Brownstoner]
Development Watch: 218 Myrtle Almost There [Brownstoner] GMAP
Catsimatidis’ 218 Myrtle To Open in September [Brownstoner]
Updated Renderings of Catsimatidis’ Myrtle Project [Brownstoner]
Development Watch: 202 Myrtle Halfway There [Brownstoner]
It’s really such a lousy location that it’s hard to believe people would pay this much for rentals. It’s an empty, desolate walk from there to ANYWHERE–the nearest bodega, the subway, even a slice of pizza. Actually, maybe the Brooklyn Hospital vending machines will see better business as a result.
Bdeis- My comment was in regards to the crime that the store owners are gonna have to deal with across from the projects. I’m not going to sugar coat the situation like building luxury condos across from projects is going to automatically gentrify the area. This building isn’t just across the street from the projects- It’s swimming in a Sea of projects and desolate parking lots! Its only a matter of time before one of the new residents of that building gets mugged when they’re walking home from the train at 2am while listening to their ipod and floating around in their own bubble.
I hear you, grand army. I think that’s why people here rave about Whole Foods and act like it’s the second coming. When I lived in Cali, I rarely set foot in the place because the major supermarket chains were great.
New York supermarkets are scandalously bad. One of the few things I really miss about the UK.
MM, the project is as-of-right (after the downtown rezoning). The only promise I remember (to the councilwoman prior to the rezoning) is affordable housing but like Atlantic Yards (and other projects), that turns out to mean ‘subject to the availability of funding from government programs.’
By the looks of it, I figured this building was going to be dorms for LIU students.
Catsimatidis’s stores (Gristedes) are such dumps.
And yet, wasn’t the promise of a great new supermarket the tipping point for allowing this development to proceed as it did? So much for delivering on promises. Catsimatidis, who once had political aspirations, can’t get a supermarket in his own building? A guy who OWNS supermarket chains? Come on.
JohnnyP, yes, we all know there are projects here. But we’re not expecting to see a Tiffany’s or a Whole Foods, but since when is a drug-store not frequented by residents of the projects AND residents of the new building?
I agree wth bdeis, with this many new residents in this area and so few retail options it really is a surprise that more retailers haven’t jumped at this massively underserved market. Soon enough I would think.