The Andrea Rents Out

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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]

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