Brooklyn Space November 8, 2023
Wave Of The Future? All Electric Residential Tower Coming To Downtown Brooklyn
RXR, a well-known New York-area real estate owner, operator and developer, recently broke ground on a new, all-electric residential development project in Brooklyn that will also contain LIU classrooms and offices. The 30-story all-electric residential building at 89 DeKalb Avenue in Downtown Brooklyn is designed by Perkins Eastman, the project is RXR’s fourth residential development in Downtown Brooklyn, and will feature 324 housing units, of which 98 will be rent-stabilized. In collaboration with Long Island University (LIU), RXR has allocated approximately 55,000 square feet within the building for academic and office use, to cater to the expansion needs of LIU. The project is anticipated to be completed by 2025, bringing RXR’s total new units in Brooklyn to around 1,500 residences.
We are thrilled to break ground today on our fourth residential building in the Brooklyn market and celebrate a strong long-standing partnership with Long Island University, demonstrating how such a partnership can unlock long-term value for educational institutions and deliver high-quality development for stakeholder communities,” said Rebecca D’Eloia, executive vice president, project executive for Development at RXR. “In the months ahead, we will develop a building that will be both a world-class, fully amenitized residence for Brooklyn’s growing community and a critical expansion for LIU.”
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Around Kings County
New Luxury Tower Ushers In ‘Halcyon’ Days On Brooklyn Riverfront
It’s hard to keep up with riverfront residential development in Brooklyn and Queens. The latest project to make a splash is Halcyon Management’s West Wharf on a seven-acre site in Greenpoint near the Williamsburg border.
The first tower, 40-story 60 Wharf Drive, just began leasing 554 luxury apartments. The building boasts 60,000 square feet of tenants’ amenities, 17,000 square feet of retail and 50,000 square feet of outdoor space. Soon to follow are four more apartment towers, two of which will be affordable. Halcyon also built an impressive waterfront park that’s open to the public.
Frame 122 Tops Out At Waverly Avenue In Clinton Hill
Construction has topped out on Frame 122, a five-story residential building at 122 Waverly Avenue in Clinton Hill. Developed by CV Partners under the 118 Waverly LLC, the nearly 20,000-square-foot project is the second cross laminated timber (CLT) building in New York City after the Frame Home at 283 Greene Street, and will yield 15 units with an average scope of 1,249 square feet. Brent Buck Architects is the executive architect and Element5 is in charge of the connection design and fabrication process. Recent photographs show the wooden superstructure built to its pinnacle and awaiting the start of façade installation. The CLT is composed of a five-ply paneling system made of spruce, pine, and fir wood. Each panel is approximately 10 feet wide, 26 feet long, seven inches deep, and weighs up to two tons. The glue-laminated timber Glulam for the columns, beams, and rafters uses the same combination or Douglas fir.
Housing Lottery Launches For 210 Clarkson Avenue In Prospect Lefferts Gardens
The affordable housing lottery has launched for 210 Clarkson Avenue, an eight-story mixed-use building in Prospect Lefferts Gardens. Designed by Hill West and developed by Andrew Klein, the structure yields 165 residences. Available on NYC Housing Connect are 40 units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $80,572 to $198,250.
At White Castle Site, A Brooklyn Real Estate Dream Dies
False starts, high leverage undo Art Deco project in Borough Park. At a busy intersection in Borough Park, Samuel Pfeiffer and his wife Dina Krausz saw their fortune in a plot where a White Castle restaurant served its famously devoted fans, who cherished the fast-food chain’s sliders on Valentine’s Day in particular. Pfeiffer and Krausz had established themselves in the working-class Brooklyn neighborhood with a modest condo project at 1044 42nd Street, with four units priced at a total of $1.8 million. By the time the project sold out in the late 2010s, the couple was looking for something larger. They did not have to look far.
What $419k Buys You In Gravesend
Where The Mayor’s Housing Plan Could Have The Most Impact
Each day thousands of people in neighborhoods like Astoria, Riverdale and Bay Ridge walk out of their multistory apartment buildings and visit their neighborhood’s main commercial street, where they do their grocery shopping or laundry in single-story buildings with no residences above the shops. That common sight—single-story commercial strips surrounded by taller residential buildings—is a result of zoning rules Mayor Eric Adams’ administration wants to change to create more lively, mixed-use Main Streets. As it stands, developers are often unable to build housing above storefronts in low-density areas due to a combination of size limits, height caps and parking mandates. “If you go to any other city around the country, where is the first place they found they were able to build mixed-use? It’s on these commercial strips,” said Howard Slatkin, executive director at the Citizens Housing and Planning Council. “It’s like New York is catching up to the rest of the country in its ability to build apartments over shops.”
Housing Solutions From
Across The Globe
Policymakers Test New Reforms To Increase Production
While restrictive zoning is not the only reason housing costs are high in the United States, it does play a major role in limiting housing development, especially in parts of the country with high paying jobs in fast-growing industries. A new series of seven papers published by the NYU Furman Center, with funding from the Pew Charitable Trusts, shows how specific land use reforms have affected outcomes on the ground, especially in residential areas. Rather than offering a one-size-fits-all solution to the nation’s housing shortage, this series of papers reviews and evaluates the outcomes of an array of policy options for promoting housing production, in locations ranging from a quiet suburb in New York to state-wide policies in California. Read more.
Perspectives From Brooklyn
► Stroock, Major Real Estate Law Firm, Going Out of Business
One of New York City’s most prominent real estate law firms is going out of business. Stroock & Stroock & Lavan will be dissolved, according to Bloomberg Law. The law firm’s dissolution, prompted by a staff exodus. In an effort to survive, Stroock engaged in merger talks with Pillsbury Winthrop Shaw & Pittman. When the companies announced Monday those talks were off, however, the writing was on the wall for Stroock, which has been in business since 1876. Stroock’s collapse will open up more space in the vacancy-plagued Manhattan office market. The law firm occupies 193,000 square feet at 180 Maiden Lane near the South Street Seaport, according to the Commercial Observer. Read more.
► What Do Rudy Giuliani And Savannah Guthrie Have In Common?
They (and others) have had to slash the asking prices for their high-end NYC digs. Former New York City mayor Rudy Giuliani recently slashed the asking price of his ritzy Upper East Side apartment amid mounting legal and financial woes in connection with his work as Donald Trump’s fixer. Not everyone has Trump-related bills to pay, but plenty of other big-name Manhattanites have had to mark down their homes lately. Timothy Savage, a clinical assistant professor at NYU’s Schack Institute of Real Estate, said one factor is simply supply and demand, and that the situation is in some ways the “inverse” of what the average New Yorker is facing. “The challenge with affordable housing is there’s a lot of demand and not a lot of supply,” Savage said. “At the high end of the market we’ve got the mirror image, which is there’s now a lot of supply and not a lot of demand.” Read more.
► Lower Manhattan Office Leasing Back To Post-Pandemic Levels
Meanwhile, retail and hospitality are also showing gains. Office leasing in Lower Manhattan has returned to post pandemic levels after leasing in the neighborhood experienced an inflated level of activity in Q2, primarily due to a single large lease for a government agency, according to the Alliance for Downtown New York. Meanwhile vacancy rates have fallen, but remain stubbornly high, while the retail and hospitality markets continued to show positive signs, the organization reports. Read more.
► WeWork Files For Bankruptcy
Once valued at $47 billion, the flexible-workspace company filed for chapter 11 as it struggles with many unprofitable locations, capping the flexible-office-space venture’s remarkable collapse after once being the nation’s most valuable startup. The company filed for chapter 11 protection in the U.S. Bankruptcy Court in New Jersey. WeWork Chief Executive David Tolley said roughly 90% of the company’s lenders have agreed to convert their debt into equity, wiping out about $3 billion in debt. Rent and interest payments ate up around 80% of WeWork’s annual revenue as of June 2023. Read more.
► The City Of London’s Skyline To Be Transformed In Just Six Years
By 2030 the City of London financial district will have sprouted an entirely new crop of skyscrapers. And the difference will be striking. The Square Mile is set to get a total of 11 new towers, the tallest stretching higher than any now existing. Together, they will turn what is currently a somewhat scattered and erratic cluster into a tight, almost grid-like area where tall buildings will line up in a formation resembling the bristles on a tooth brush. This new view comes from the City of London Corporation, which said 500,000 square meters of new office space is approved or under construction, with another 500,000 square meters of space being proposed. The committed projects are roughly equal in size to 70 football pitches. Central London has an office vacancy rate of about 8.5%, according to a report from broker CBRE Group Inc.
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