Real Estate

Sure, the west side of Flatbush has a huge selection of new luxury apartments. But what about the east side?

Some people look at Brooklyn Tower—the supertall skyscraper in Downtown Brooklyn—and see the Tower of Sauron. To me, it’s more like a giant slug with movement so slow it’s nearly imperceptible.

Construction started in 2018 (earlier, if you count the demolition of the previous building) and residents started moving in in 2022. But slow sales caused JDS Development to default on its loan, stalling construction on this eye-catching building. Silverstein Capital Partners took over the building last summer in a $672 million foreclosure settlement and sales are re-lauching soon.

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The Brooklyn Tower is a towering monstrosity currently under construction in the outer boroughs of New York City, because apparently Manhattan wasn’t enough for all the wealthy yuppies looking to gentrify yet another neighborhood. Standing at an impressive 1,066-feet, this 93-story behemoth will surely block out the sun and ruin the skyline for everyone else. Developed by JDS Development and designed by SHoP Architects, the Brooklyn Tower will feature a whopping 550 units for the rich and wealthy, with a measly 150 units for purchase and a slightly more generous 120 units for affordable rentals. Because God forbid the average person be able to afford to live in a decent neighborhood anymore.

I discussed the demotion that’s happening at the triangle between Flatbush Ave, Fulton Street, and Dekalb Ave in a prior post, but didn’t have this super-cool aerial view at the time.

I know that Redsky Capital own the lot that’s at the bottom of hte photo, closer to Albee Square, but I’m not sure about the lot along Flatbush Ave. I assume they own that, too?

One Willoughby Square is certainly impressive. The architecture so striking that the architecture firm that designed is has leased three floors in the building. So far, they’re the only tenants.

But the fact that the firm that designed the building is leasing space is definitely part of the marketing story for the building. In fact, the New York Post has a full story on that fact.

Bklyner has an optimistic view for the future of Downtown Brooklyn, as well as an outstanding look at how we got to be here:

Brooklyn’s historic central business district also suffered during the pandemic. But the area’s boosters and developers believe its location, open spaces, and large residential population could give it a leg up over Manhattan as the post-pandemic recovery finally begins.

From Steve Cuozzo at the New York Post:

“Data just released by the Downtown Brooklyn Partnership show that occupancy is above 95 percent at both old and new rental buildings. Absorption remains strong as most new properties report leasing between 20 and 40 units every month.”

Do you dream of living in Downtown Brooklyn, but lack the income to afford the multitude of new luxury apartments? Here’s another chance to try your luck at an affordable housing lottery!

NYC Housing Connect has recently opened the lottery for the upcoming One Flatbush Ave, which appears to be nearing the end of it’s construction. The building is at the intersection of Flatbush and Fulton, right next to the Nevins stop on the 2, 3, 4, and 5 trains.

With a vote of 32-1 on Wednesday night, the Community Board 2 rejected the 80 Flatbush project. This vote by the full board follows the vote by the CB2’s Land-Use Committee which also voted against the project.
These votes are part of the ULURP rezoning process for the development for 80 Flatbush which includes residential, office and retail space in a 74-story building and a 38-story tower. It doesn’t bode well for the multi-use project that boasts bringing an additional 700 market-rate apartments and 200 affordable apartments.
What’s next? Brooklyn Borough President Eric Adams needs to issue his recommendation on the project. (Adams held a public hearing late last month. Then the NYC Planning Commission will review the project and and the process ends with a vote by the New York City Council.

From The Raw Deal, regarding retail rents going up up up in Brooklyn:

Downtown Brooklyn’s Fulton Mall from Boerum Place to Flatbush Avenue remained the most expensive strip with average asking rent of $359 per square foot, up 10 percent from a year earlier.

I doubt anyone is surprised. With the sheer number of chain stores in our zip code, how could the rent not be that ridiculous? Not that I was expecting any mom-and-pop stores in the neighborhood.