From left: Avalon Fort Greene, Brooklyner, DKLB BKLN and the Oro
The Department of City Planning is about to park some good news upon Downtown Brooklyn developers.
The Brooklyn Paper reported that a new City Planning proposal would reduce the number of parking spaces required in residential developments in Downtown Brooklyn and completely eliminate the mandate from below-market-rate buildings. The proposal will be presented within a few months. [more]
From the November issue: Like many other development firms, the Clarett Group rode the wave of
the real estate boom expertly, building successful condos in Manhattan
and other markets across the country. Like a host of other developers,
however, the company hit a damaging riptide in Downtown Brooklyn. A few
months ago, Clarett’s condo, the Forté, went back to its lender,
Eurohypo AG. The move was the most boldface example thus far of the
difficulties developers have encountered selling condos in Downtown
Brooklyn, generally defined as the section of the borough bounded by
Nassau Street to the north, Ashland Place to the east, Schermerhorn
Street to the south and Court Street to the west. That catch zone
encompasses several micro-neighborhoods, including the western edge of
Fort Greene. Several big developers are feeling pain in the saturated
area, which has been generating a lot of attention lately because three
new luxury rental towers are preparing to launch. [more]
