Despite protests from community groups, a partnership of Acadia Realty Trust, MacFarlane Partners and two smaller interests will build a 1.6-million-square-foot, mixed-use project at the site of the current Albee Square in Downtown Brooklyn. The partnership will purchase the ground lease for the 137,000-square-foot, city-owned site from Thor Equities for $120 million. The investors’ current plans call for the construction of 650 apartments, a number that has been scaled down from the 1,000 that were originally planned. more [NYO]
Albee Sq. plans move forward with less housing
June 20, 2007 12:00AM
