Includes areas of…
BAM Culture District
Flatbush Avenue from Sands Street to Dean Street
Includes areas of…
BAM Culture District
Flatbush Avenue from Sands Street to Dean Street
In a closer to perfect world Atlantic Center Mall would have apts on top. It’s a massive waste of location.
Totally agree! And the location is now in the middle of the action; this can be easily up-zoned, if need-be. How soon can a building be redeveloped in a financially feasible basis? Maybe it’ll go East River Plaza-style soon!
The Terminal Mall is about 10, that has the office building on top. Atlantic Center Mall is next door that was built in 1996. Brookfield Properties, formerly Forest City Realty Trust
Oh! I didn’t realize there were two! The Atlantic Center one should totally go ASAP.
1996 was a totally different time for this area.
I believe you, but I couldn’t have imagined it; the older mall and I are the same age! To say the least, the Millennials are surely growing up spoiled by having a (relatively) modern and hip NYC.
But from a millennials (me) standpoint, its too expensive . That’s the thing, I wish it wasn’t so pricey. I envy those who have 3 or 4 bedroom properties on the Upper East side that were really affordable back in the day. I can see why some never sell those properties or much less give them up. Especially those who have rent-controlled apartments. Those are the best, yet highly coveted and extremely hard to get.
NYC can become affordable even if your young, but when it comes to starting out, its a little rough unless you’re willing to live above 110th street or in certain parts of Brooklyn or Queens. The areas that are very desirable seem to only be accessible by those who are lets say mid-career or if you are just starting out, maybe with a roommate to split a 2600-3500 rent. Eh, but in the end, its NYC, and sometimes its worth it to have a shoe-box apartment for a couple of years. Thats the price one pays to live in an Alpha ++ city. Sure as hell beats living in a mundane, cookie cutter suburb.
But what we are witnessing is a total transformation of the city, and I guess we could say that millennials are kinda spoiled in that sense.
By Danielle Sschlanger November 26, 2014 11:30AM
You’ve worked extensively in Manhattan, but much of the industry’s focus is on Brooklyn’s renaissance. What do you think about Brooklyn’s potential as a central business district?
You know, it’s so funny. [In] Brooklyn, there’s so little office stock. I think Downtown Brooklyn is amazing because they rezoned in 2004 [under former Mayor Michael Bloomberg], so now all this residential is moving in on Flatbush, on Willoughby. You have MetroTech that was built by [Bruce] Ratner in 1990. This big, ugly [complex with] large floor plates. But there’s no cool office space down there.
So why not go in there and create some?
We’re trying. But there’s very little stock. When you think about it, in Williamsburg, Bushwick, it used to be Brooklyn was the overflow. If you couldn’t afford New York, you went to Brooklyn. You go to Brooklyn now because you want to live in Brooklyn. People that live in Brooklyn, they stay in Brooklyn. People who live in Williamsburg, they want to have an office in Bushwick, right? They get on the L. So Brooklyn is its own entity and it’s surprising that there’s no really good office stock. The problem is the residential market is so hot, that when you look at a piece of dirt, and you ask, ‘Am I going to build office or residential?’ You build residential. And it’s a problem. Right now, we’re in front of City Planning for an upzoning on our site [in Downtown Brooklyn] and their problem is there are way too many people living there. There are no schools. Transportation is becoming a problem.
How do you think [Director of the New York City Department of City Planning] Carl Weisbrod is doing?
I’ll let you know as soon as he approves my upzoning. Listen, whatever you think about [Mayor Bill] de Blasio—although there’s a shitstorm out there right now—I think he hired some pretty good people. Landmarks. City Planning. Housing. Carl’s a pragmatic guy who knows how to get shit done.
This is an extensive article on City Point and Downtown Brooklyn.
By Tobias Salinger on December 3, 2014.
Christopher Conlon of Acadia Realty Trust and Paul Travis of Washington Square Partners. (Arman Dzidzovic)
You could say it took Paul Travis and Christopher Conlon 10 years to get to the Point.
We’re talking, of course, about City Point.
They’re the developers implementing the vision that city planners laid out as far back as the Bloomberg administration’s 2004 rezoning of Downtown Brooklyn.
But the upzoning of Downtown Brooklyn is its own saga that extends even further back. It followed an extensive 1983 study of the area by the Regional Plan Association, a 1986 plan from the city Department of Housing Preservation and Development that would turn into MetroTech Center and the 2001 designation of a special district that yielded the Brooklyn Cultural District around the Brooklyn Academy of Music. The 2004 effort would facilitate 6.7 million square feet of new development, including 4.6 million square feet of office space, 979,000 square feet of residential development and 844,000 square feet of retail, the rezoning’s final environmental impact statement predicted.
And one way the city would support such new building, the 2004 planning study notes, would be to “allow the development of property on the south side of Willoughby Street between Albee Square West/Gold Street and Flatbush Avenue Extension.” These days, that site is turning into the massive undertaking known as City Point.
Mr. Travis, the managing partner of Washington Square Partners, and Mr. Conlon, the executive vice president and chief operating officer of Acadia Realty Trust, are spearheading the effort to create a 675,000-square-foot shopping center spread over five above-grade floors along with three adjoining residential towers that could hold nearly 1,000 residential units, once the development partnership completes the project’s three phases. The Albee Square Development team, which also now includes Tower 1 residential partner BFC Partners, is moving through the second stage of the development with leases signed for anchor tenants Century 21, CityTarget and Alamo Drafthouse, another deal in the works for an operator at a food market onsite called Dekalb Market, one residential building topped out and another rising up.
When all is said and done, the development will sprawl 1.8 million square feet and feature 30,000 square feet of office space.
“One choice we made here was to build a building of a level of density and quality that no one’s ever done,” Mr. Travis said as workers banged away on the future Alamo Drafthouse on the fifth story of the shopping center. “Probably the best comparison is the Time Warner Center. The response from retailers who have toured it is that they’ve never seen anything like this.”
A rendering of a view from a new green space the city is building across the street from City Point. (Neoscape)
…Yet that tower will be just one of many that have popped up in the now-thriving downtown area. Mr. Travis pointed out a site across the street from City Point where Morris Bailey’s JEMB Realty has filed plans to build a 65-story tower at 420 Albee Square. Since the 2004 rezoning, Downtown Brooklyn has added 8 million square feet of new development, including 5,200 residential units, over 1,000 new hotel rooms, nearly 250,000 square feet of office space and 625,000 square feet of retail, according to a 10-year report by the Downtown Brooklyn Partnership. After the public sector invested $400 million in infrastructure, the private sector has spent $4 billion on new development, figures from the report say.
“When we purchased it, we were in a site that was in the middle of a downtown that was beginning to transform,” Mr. Travis said. “We were very focused at first on the neighborhoods around Downtown Brooklyn. What we didn’t know was that Downtown Brooklyn would transform so fast.”
I can’t wait for the next census figures for the population. All of these new developments, I question the rate at which 9 million will be achieved. They say 2035, but I think it will be much sooner.
We’ll have a good number of illegal aliens registered and accounted for once Obama’s thing gets implemented, so I’m assuming the census may be even higher after the population generated by all these residential units is realized.
WSJ says 9.4 million by 2040
Its probably close to it. 8.4 million plus the undocumented which will eventually be counted. 374 ,000 estimated as of 2006, so in 2014, its probably 450k. Lets just say 400k to be on the safe side for 2014. This will be interesting to see this sudden spike if it occurs or not. I can believe that 9.4 million figure too. Time will tell, but 2020 will be a very interesting year. I’d estimate we are growing at 120k per year. I think, not definite, but it corresponds to the 2010-2014 increase.
According to Passel’s analysis of 2000 to 2006 data, there are
374,000 undocumented workers in New York City, making up 10 percent of the resident
workforce. More than half of all dishwashers are in the city are undocumented, as are a third
of all sewing machine operators, painters, cooks, construction laborers, and food preparation
workers. Overall, Passel estimates that there are 535,000 undocumented immigrants in New
York City, a figure that is broadly consistent with the New York City Department of City
Planning estimate of about half a million. With 374,000 out of 535,000 undocumented
Plus a few categories of interest with fewer than
Chief executives 8,500 24%
Real estate brokers & sales agents 7,700 32%
Police & sheriff’s patrol officers 6,200 23%
Computer software engineers 5,500 42%
Architects 4,500 40%
Nearly a third of all commuters to New York City are
Wow. Didn’t think there was that many undocumented. Also, in 2013, it was the first year in decades the rate of immigration to NYC beat emigration; we need housing not just for the net population after births/deaths, but for also the surge of new people that no longer have “vacancies” to choose from. Some say the trend for living in urban areas will be a global popularity through the next few decades, so I wouldn’t be surprised if that positive rate continued.
JPMorgan Chase puts old Dime Savings Bank, next door to Junior’s, on the market. Air rights account for bulk of its value.
By Daniel Geiger on December 18, 2014 10:57 A.M.
One of Brooklyn’s true architectural treasures is hitting the sales market in an offering that could fetch well over $100 million and open up several tantalizing possibilities for downtown Brooklyn.
The former Dime Savings Bank of New York at 9 DeKalb Ave., a stately neo-Roman building with a domed roof and a grand interior that features a rotunda with colossal red marble columns, is being sold by owner JPMorgan Chase.
The bank has hired Bob Knakal, James Nelson and Stephen Palmese, brokers at Massey Knakal Realty Services, to market the property. Chase plans to vacate the branch after a sale and relocate to nearby 490 Fulton St. The sale could open the building, which is a landmark, to be repurposed as an events space. It would be Brooklyn’s version of the huge former Bowery Savings Bank hall across from Grand Central Terminal that is now occupied by caterer Cipriani and is one of Manhattan’s most famous and popular events venues.
“This is an incredible asset that is one of the best buildings to hit the market in Brooklyn,” Mr. Knakal said. “It holds a lot of exciting possibilities.”
…Even more valuable than the building itself are the 285,000 square feet of development rights that come with the landmark. Residential construction in downtown Brooklyn is booming, and as Crain’s previously reported, the Dime Savings Bank building sits next to several potential development sites that could be the locations of some of the tallest towers in the borough.
Among those who could get a big height boost to their project is developer Michael Stern, who is planning to erect a residential tower at 340 Flatbush Ave. Extension that is eligible to receive additional air rights from the bank. The bank building also abuts the famous Brooklyn eatery Junior’s, whose owner has floated the idea in recent months of selling the property. A buyer of that site could also utilize the bank’s air rights to build a soaring tower.
We’re No. 4!
After years of staving off population challenges from the Sunshine State, New York has finally ceded its position as the nation’s third most populous state, falling to fourth behind California, Texas and Florida, according to new figures released on Tuesday by the United States Census Bureau.
The figures, which reflect population estimates for July 2014, show that Florida now has about 19.9 million residents, surging past New York’s 19.7 million. Demographers say that the new estimates reflect decades-old migration trends. According to the 2014 figures, Florida gained nearly 300,000 residents in the 12 months before July 2014, while New York gained just over 50,000.
“It was a long time coming,” said Jan K. Vink, a specialist with the Program on Applied Demographics at Cornell University, which studies and supplies data to the Census Bureau. “Florida has been growing much faster than New York.”