NEW YORK | 11 Hoyt Street (217 Livingston Street) | 620 FT | 52 FLOORS


#1

Continuing the discussion from NEW YORK | Flatbush Ave Corridor (DoBro + BAM + AY):

So begins the description of an unusual, quietly-held and — insiders say — extremely valuable stake the Chera family’s Crown Acquisitions owns in the Macy’s garage at 11 Hoyt Street, between Fulton and Livingston streets. The parking facility sits across Hoyt from the Macy’s flagship Brooklyn department store at 422 Fulton Street.

[…]

A CBRE investment sales team led by Vice Chairmen Darcy Stacom and William Shanahan is marketing not one, but two Macy’s buildings. In addition to the department store, Macy’s is offering its massive garage at 11 Hoyt Street. That five-story structure has 584,000 square feet of development rights.

The department store is asking for proposals from developers that would include building a new 300,000 square foot Macy’s (or rehabilitating the old one) and a 25,000-square-foot Bloomingdale’s Outlet store, that would also have frontage on Fulton Street, insiders said.

A spokesperson for Macy’s would not comment on any development projects for the sites.

“Brooklyn is an important market for Macy’s, and we are studying ways to improve our business [there],” a Macy’s spokesperson said in a statement to TRD.

“We have made no determinations on how to do so, and we have nothing further to report at this time. When we have something to announce, we will do so. Until that point, we will not comment,” the statement said. CBRE and Crown did not respond to a request for comment.

[…]

But a sale of the two properties could prove to be a complicated affair. While the Macy’s department store parcel at 422 Fulton is owned in a straightforward manner, insiders said, a review of city records shows a different story at the garage parcel.

But the document gets more interesting. It describes five property interests owned by Crown but within the building envelope of the garage, immediately south of 452 Fulton. The first is an approximately 25-foot by 22-foot patch of ground floor space. The four other pieces of real property are composed of separate cubes of space.

The parcels are not spread out within the large floor plates of the garage. Instead, they are just behind Crown’s building, as if forming part of an imaginary, 25-foot wide townhouse embedded within the garage.

The five parcels, recorded in two separate tax lots, add up to about 10,000 square feet of floor area.

That is just a drop in the bucket of the 584,000 square feet available in the garage space. But Chera’s small stake in the garage could prove to be a big headache to a developer.

While hypothetically possible to demolish the garage but leave untouched the area impacted by the property rights, real estate professionals said that would be difficult.

“I think this is going to be a very interesting set of circumstances,” King said when told of the ownership stake. “It gives Mr. Chera much more control over what [a developer is] able to do.”


#2

First Look: Potential Macy’s Redevelopment at 450-458 Fulton Street, in Downtown Brooklyn

BY: NIKOLAI FEDAK ON JANUARY 29TH 2015 AT 7:00 AM


217 Livingston Street,image by Beyer Blinder Belle/Brookfield

Late last year, Racked reported that Macy’s was rethinking its future in Downtown Brooklyn, with the company considering the addition of a second location, and the potential sale of both its current building and a parking garage next door.

Now, YIMBY has the first reveal of potential plans for the old garage at 11 Hoyt Street (and a neighboring structure at 450-458 Fulton Street), which may be reborn as 217 Livingston Street. Per a piece by The Real Deal last August, the garage comes with 584,000 square feet of air rights, and Macy’s is also requesting that any developer build a 300,000 square foot store.

The images come from a proposal by Brookfield, which is apparently in contention for the purchase of the site, though representatives did not respond to YIMBY’s request for comment. Beyer Blinder Belle is behind the design.

While plans are far from final, Brookfield’s vision looks to depict the refurbishment of the existing garage into a major expansion for Macy’s, likely fulfilling the demand for 300,000 square feet of retail. Besides re-using the old garage, a very tall and glassy residential tower is also featured in the images, though its entire height is not apparent.


The old 450-458 Fulton Street and possible plan for the building, image by Beyer Blinder Belle/Brookfield

Also of importance is the integration of the old A.I. Namm & Son Department Store into the new project. Located at 450-458 Fulton Street, Brookfield’s plan would expand Macy’s into its base, though signage would be much more prominent on Livingston Street.

Land records indicate that the Macy’s assemblages remain on the market, and per The Real Deal’s report, the garage at 11 Hoyt Street may present a tricky sale. Confusingly, a separate owner from Macy’s – Crown Acquisitions — actually owns several small parcels underneath the existing parking garage, which means that any buyer must deal with demands from both sellers.


Old Hoyt Street garage as it stands today, image from Google Maps

Regardless of its challenges, the site will eventually be redeveloped, as the land’s value continues to increase. Several new buildings are rising nearby, including the massive City Point project, and land values in the Fulton Street Corridor are increasing too quickly for the garage to remain standing as-is for much longer.

With 11 Hoyt’s transformation into a new Macy’s, an entire city block will be revitalized with both retail space and new apartments, pushing Downtown Brooklyn’s renaissance even farther along. But for the moment, no plan has been selected, and 217 Livingston Street remains in limbo.


#3

Leeser’s plan consists of 230 condominiums and 468 rental units, a breakdown that may be mirrored in whichever architect and developer’s plan won the project. The entirety of the site will encompass 1.2 million square feet of development, including 200,000 square feet of retail space, and has addresses spanning 450-458 Fulton Street as well as 217 Livingston Street.

The scheme would have divided the residential between the two towers, with the taller building rising 910 feet. That would’ve made it the tallest skyscraper in Brooklyn, though the height of the competition’s winner could be substantially shorter.

The Fulton Street corridor has always been a primary retail destination for Brooklynites, but with the area’s redevelopment, it should become a much broader draw. The concentration of shopping has already been upped significantly with the development of City Point, and revitalizing the old Macy’s garage with both retail space and new apartments will further the process on a block that has, until now, been geared towards serving automobiles.

We also have a rendering of Ismael Leyva’s submission for the site, though the status of this proposal is also up in the air. This version would have featured two similarly-sized residential towers above the retail space, in a similar configuration to the Leeser-designed plan, but without the height.

With no design formally announced just yet, it should come as no surprise that the project has no confirmed completion date at this time.
Credit: NYY

[B][U]Developers Look to Foreign Investors to Fund Brooklyn Projects[/U][/B]

[QUOTE]Developers behind the Macy’s building renovation in Downtown Brooklyn are seeking funds for the project through the EB-5 Program, The Real Deal reports.

Through the EB-5 Program, foreigners who invest at least $500,000 into a particular business which will create at least 10 jobs are provided a green card.

Tishman Speyer, the firm that’s developing the Macy’s building at 422 Fulton Street, is looking to generate $60 million through this program. Those funds will account for about 12 percent of the total cost of the project - the rest is being provided by the developer and through a construction loan.

Tishman Speyer signed a $170 million deal with Macy’s last year to redevelop their space in Downtown Brooklyn. Macy’s will continue to occupy the first five floors and get a $100 million renovation courtesy the developers. The floors above that will be redeveloped into office space.

Tishman’s EB-5 financing plan is not unique and has in fact been increasingly used by developers in the aftermath of the 2008 financial crisis, according to the Wall Street Journal. Just last week it was revealed that Hudson Companies was trying to raise $110 million through the EB-5 Program for its Brooklyn Heights library redevelopment project.

Last year saw the highest demand for green cards through this program, as part of it is set to expire later this year, according to the WSJ. Applications rose to 17,691 from 11,774 the previous year. There’s a limit of 10,000 each year, and projects can get delayed for years as a result.

The program has generated controversy because it was created to help rural areas or urban centers with high rates of unemployment, but developers have been able to circumvent those stipulations so far, according to the WSJ.[/QUOTE]

[URL=“http://ny.curbed.com/2016/3/30/11331190/macys-brooklyn-eb5-financing-foreign-investment”]CBNY[/URL]
http://www.wsj.com/articles/u-s-immigration-program-for-foreign-investors-sees-demand-surge-1458984601?tesla=y


#4

Woe! I Like that tower.


#5

Indeed that is a gorgeous tower!

Also a potential 910 footer for Brooklyn, fantastic! It’s incredible to see the momentum of near/supertalls carrying on throughout the whole of NYC and not just Manhattan :smiley:

I look forward to seeing the other designs, providing they’re classy and bring Brooklyn another step forward, it will be more than welcome.


#6

I must admit I am a little in the loop about this happening. I’d like it to, that is Lesser’s plan (rendering above), but for some reason I am doubting it. Am I wrong or should I be concerned?

Really just concerned because this particular project or vision has been without little info for a while. The rendering above is from months ago. The recent news being the “Developers Look to Foreign Investors to Fund Brooklyn Projects”.


#7

Taken yesterday.

Seems with all the netting that demo may start soon if not already?




#8

Great shots overall JC_Heights. You did a lot of walking and traveling to all of these sites. Its great that your covering a lot of the undercover projects. Many go under the radar.

WIth this development, I hope we can get something like the original rendering. Seems to good to be true, but, ya never know. It’s a great parcel location for something big.


#9

More renderings of the vision by Leeser architecture. Its probably what BIG’s 2 WTC would look like if it were a residential tower near Central Park (funnily enough - the top rendering has the tower depicted in the Upper East Side). Hopefully something equally impressive will rise here.

http://www.leeser.com/macys-tower/


#10

I wonder what’s planned for the garage.


#11

The garage is almost gone by the way.


#12

Here we go:


#13

6/2


#14

Demolition = 99% complete


#15

what was once a homely garage is now prime real estate for redevelopment.


#16

51 floors, 664’. Apartments. Sounds like a solid addition to the ever growing skyline.


#17

Please be nice. :slight_smile:


#18

It is 100% condos now, so it should be nicer than if it was all apts. hope they reveal renderings soon. Or at least reveal the architect.


#19

Hill West is the architect.


#20