Albee Square Deal Closes, Fewer Apartments Planned
When the deal was announced back in February, the consortium of investors purchasing the groundlease for the Gallery at Fulton Mall from Thor Equities had big plans: 475,000 square feet of retail space, 125,000 square feet of Class A office space, and 1,000 rental apartments (with 20 percent set aside for tenants of moderate income)….
When the deal was announced back in February, the consortium of investors purchasing the groundlease for the Gallery at Fulton Mall from Thor Equities had big plans: 475,000 square feet of retail space, 125,000 square feet of Class A office space, and 1,000 rental apartments (with 20 percent set aside for tenants of moderate income). Since the deal closed last week for a reported $120 million, it’s come out that the housing component has been scaled back by about 35 percent. The 1.6-million-square-foot tower (which will be anywhere from 40 to 60 stories) will still have 650 apartments, but the switcheroo is expected to result in a loss of about 70 affordable housing units, something that has community groups pissed off. The new owners haven’t announced what they’re going to do with the extra square footage from the 350 axed apartments yet.
Developers Pare Housing Plan for Albee Square [NY Observer] GMAP
Expansion, Skyscraper Planned for Albee Square Mall [Brownstoner]
Albee Square [Acadia Realty]
sterling silver –
you’re reading me all wrong.
There are 2 hardware stores between Livingston and Schermerhorn. The stores were split because the brothers couldn’t get along. Is there really a need for both. My suggestion was to close one, not destruction, rationalization.
The ATM only Chase doesn’t make a lot of sense considering the branch has been open for over a month now, so why have a stand alone ATM diagonal across the street?
The check cashing place may serve some need to some people, but who? I tend to doubt that the people who live there don’t use it. In fact, there are more than enough banks around with various fee schemes to accommodate workers from every economic category.
My suggestion for the jail was designed to solve a few problems. I don’ know how many of us want it to re-open least of all expand. If its converted into affordable housing then it solves the problem of the jail, as well as use a public building to create affordable housing in a burgeoning neighborhood. Is that a bad thing?
I’m not a patron to the theatre unless its early on the weekend before it becomes unruly or watch movies that the “masses” aren’t interested in. Unless you’re blind or don’t frequent the theatre, its quite evident that young kids are watching movies that are designed for adults. Either their being allowed in alone or accompanied by (young) parents who don’t see an issue with that. Is it unusual or unfair to ask that I pay $10.50 to be able to watch a movie in peace. How about when I come home late and see teenagers running around the streets, should i not be concerned because i see them streaming out of the theatre? Why do you think there’s a constant police presence parked where mobile blood bank calls home.
Is it also unjustified to see stores that carry items that i won’t have to go into Manhattan for?
Anon 1:25, I lived in Midwood for two years and in Spanish Harlem for a year. I thought they were great places. Since I was a newcomer, I didn’t expect to live in any neighborhood. I do, however, think that long time residents should have a voice in the development of their neighborhood.
David, I agree that the issue is very complex, and I would like to propose another option to help middle-class families stay in expensive neighborhoods. There has been a lot of talk about affordable housing, which I support completely. I also think that tax codes should be restructured. Renters should receive tax relief on their rent payments just as home owners do on their mortgage. To offset decreased revenue, Manhattan pre-WWII Co-op owners should pay taxes based on property value and not rental value.
None of the above bx2bklyn. I just don’t want to pay for your housing. That’s all.
The real problem is that the posters complaining on this thread are not truly needy. Many of the people that as you say take care of “your garden, server your food, clean your offices, wipe your butt in the hospital” don’t live in the precious areas of brownstone Brooklyn. They live a little further out in neighborhoods that you and the others on this board would turn their noses up at and wouldn’t consider living in despite your desire for a mixed and “strong vibrant community.”
So Sterling Silver you must be in favor of this (Albee Sq) project b/c it contains 20% affordable component – BTW I do. It also has offices and retail which helpd the overall tax rate.
Essentially what you favor is the current 421-a proposal (about to be passed) and some of Bloomberg’s other affordable housing plans. And you aknowledge that life isnt 100% fair – which I think everyone could agree on. What I cant figure out then is why you are bemoning the ‘new brooklyn’. It sounds like on a policy level the city is in agreement with you in terms of how to rebalance the ‘fairness’ as best it can.
anon- I think the assumptions are all on your part. since we are not quoting incomes, the fact that you own a house doesn’t exactly translate into you pay more taxes. As for entitlement? Stating facts about how everyone contributes in some form or another to communities, means I feel entitled? I guess that means you feel entitled to do whatever you please because you think you can buy it? You feel entitled to pat yourself on the back because you are a “homeowner”- big whoop. If this City ran on just home and property owners, we’d be in even worse shape because you would have no one to do your garden, server your food, clean your offices, wipe your butt in the hospital, etc etc etc. You think you form the most valuable strata of society by virtue of money. Would that it really translated into a good community on the ground. But this let them eat cake attitude of yours is so foolish. You undermine the very thing you want- a strong vibrant community that benefits you. I’d like that too- but I want one that benefits everyone.
im a newer resident f brownstone brooklyn, a trasnplant from manhattan
i am surprised and dissapointed at the retail options of bk, and find myself going to manhattan or even the malls of long island for the “slightly” more “upscale” stores…i’m talking GAP, not Prada folks
so i welcome an upgrade of bk retail
What’s your plan, Anon 12:37?
My views on the subject have been quite plain. I’m not hiding behind an anon time date, with nothing to back me up. You have a problem with my views, let’s debate, not just throw down.
David, neighborhoods evolve, I understand that. A place like Park Slope has now evolved in the last 50 years from a working class neighborhood into a wealthy enclave. Do I advocate that people be moved out of their lux apts for the poor? Of course not. I do advocate that those of lesser incomes who are there should not be illegally forced out, and I do advocate that new luxury construction be required to include a percentage of middle income units. Subsidies can be in the form of low interest or no interest long term loans for downpayments, or some other kind of helping hand that is repayed over time. If someone doesn’t qualify given that chance, then someone else will. I know this isn’t a fair world, and not everyone can get all the goodies.
Some of the people on this board cry that it’s not fair that someone win a housing lottery, or get a low interest loan that they didn’t get, although they don’t need one. Ok, it’s not fair. But it’s also not fair that a kid in public school in Bed Stuy didn’t get the same education as the kid in PS 231, and it’s not fair that one person could afford Harvard while another could only afford SUNY, yet the recipient of the breaks is going to cry foul when someone else catches a long overdue chance at a better life. No, they whine that being a cop isn’t so hard or so dangerous, because one or two cops have fixed a parking ticket, and they can retire after 20 years. That’s like saying being a soldier in Iraq isn’t so hard or dangerous because they get free meals and get to see the world.
If this is the new Brooklyn, maybe it’s not a place most of us would want to be a part of. Maybe we’re fighting for something that is not worth having. Only time will tell if we can learn to treat people with mutual respect and dignity, especially in terms of who they are, what they do, and how they live.