Nice photo, Tec.
How about your City Point project on Willoughby Street in Downtown Brooklyn?
That’s an example of the change in the market. When we bought it, we
thought it was a good buy. Today, it’s a big project, harder to finance
and costly to build. The rental market is down. We think we’re going to
build the nicest building in Brooklyn. Unfortunately for us, we only
know how to build one way, so it’s going to cost more than your typical
Brooklyn building. The plan is to do smaller units, mostly studios, ones
and twos, some smaller threes. Most likely, we’ll have to go co-op or
condo. If it’s co-op, it’s purely a function of the structure of the
whole Acadia Realty Trust deal.
You mentioned “the typical Brooklyn building.” Could you elaborate?
A lot of the recent crop of buildings to date is pretty pedestrian.
We’re subject to the architectural standards board, which had to rule on
our building. They wanted to see a nice building too. Even if we didn’t
want to build a beautiful building, we really had to.
68 floors, 745’.
photo from august
The height bump and slight redesign is making this rather interesting.
Lets hope the cladding is good quality.
It will make or break this tower imo
this is fantastic. It’s like Manhattan in the 30s. This could be Chrysler, 11 Hoyt could be 40 Wall Street, and 9 DeKalb the ESB. A race to the sky!
Anyone else notice the recent yimby article on this having the highest infinity pool? Gotta be the best view from a pool as well.