Two Trees Management’s proposed 32-story residential tower in Downtown Brooklyn’s BAM Cultural District would require a zoning change, Curbed reported. Current zoning allows only 53 percent of the space to be residential, but the developer is looking to build 300 to 400 residential units, which would occupy 86 percent of the floor space. Two Trees is also looking to include 50,000 square feet of cultural space that would house three Brooklyn Academy of Music theaters and a rehearsal space. The developer is justifying the zoning change by saying it would lead to better use of the space…. [more]
Posts Tagged ‘bam cultural district’
From left: City Council Speaker Christine Quinn (credit Jonathan Fickies); Jed Walentas, vice president of Two Trees Management, (credit Jonathan Fickies); and a rendering of the hotel at 80 Wythe Avenue
City Council Speaker Christine Quinn gave the keynote address at the Brooklyn Real Estate Roundtable’s fifth anniversary luncheon today, but Jed Walentas, vice president at Two Trees, stole the show.
The casually dressed 30-something, son of pioneering Dumbo developer David Walentas, entertained the crowd of some 100 real estate professionals with updates on Two Trees’ projects, punctuated with candid one- liners that drew laughs from the audience.
For example, Walentas said he decided to undertake Two Trees’ new Williamsburg hotel project “to have a new experience and do something fun.”
He added: “To be honest, I have no idea how the economics are going to work out.”
A state-funded bail-out of a long-delayed Brooklyn residential project late last month, days before a Dec. 31 tax exemption deadline, will allow developers to begin building a 347-unit tower at 29 Flatbush Avenue, a previously empty lot at Rockwell Place and Fulton Street in Fort Greene, the Brooklyn Paper reported. The project, a 42-story tower developed by the Dermot Company and being designed by Ismael Leyva Arhcitects, was in danger of collapsing during the financial crisis in 2008, until developers made a last-minute deal with the state — called a 421-a subsidy — to set aside 65 units at below-market rents in exchange for $90 million in subsidies. That deal would have been void if developers didn’t produce some affordable units by Dec. 31…. [more]