Continuing the discussion from NEW YORK | Flatbush Ave Corridor (DoBro + BAM + AY):
By Lore Croghan
Brooklyn Daily Eagle
TF Cornerstone – a company created by two high-profile developers, brothers Tom and Fred Elghanayan – is building 600 apartments at 276-300 Livingston, according to a published report from CoStar Group. A parking garage and storefronts now occupy the site.
As the two projects move forward, retail rents on Livingston will rise 20% to 25%, Mograby predicted. “Livingston Street will undergo a rare transformation,” predicted another broker, CPEX Real Estate Managing Partner Timothy King. “You’ll see Reilly’s law of retail gravitation: Given a choice, people go to where the action is.”
At the parking garage where Cornerstone is constructing an apartment building, tenants have been told to vacate by Dec. 31. However glad they are that development will boost Livingston Street’s prosperity, it pains them to go.
“It’s a sad feeling to leave when you are established, you are recognized in the neighborhood,” said Victor Vora, who pays $35 per square foot rent for a storefront for his Greyhound bus station franchise. “We’re all scrambling to find the right locations.” His soon-to-be displaced neighbors at the garage building include an IHOP pancake house and Papa John’s pizzeria. Vora has brokers seeking sites on Livingston as possible places to relocate; he needs a 1,500-square-foot space on a street wide enough for buses to pull in for stops. It must be close to the Manhattan Bridge, which the buses cross to make pickups at the W. 42nd St. Port Authority Bus Terminal.
Cornerstone reps told tenants they hope to break ground next spring on the new apartment building, which will be more than 30 stories tall and will have space for shops, Vora’s son Alap said.