Washington Square President Paul Travis and a City Point rendering

Century 21 has agreed to open a store at the Fulton Mall in Downtown Brooklyn, the Wall Street Journal reported, expediting the groundbreaking of the long-awaited City Point development. The discount retailer is the first new traditional department store to open in Downtown Brooklyn since the 1970s and will serve as the anchor tenant for City Point, a planned development of 675,000 square feet of retail and commercial space and 690 housing units at Dekalb and Flatbush avenues. [more]

A rendering of phase 2 of City Point (credit: Architect's Newspaper)

The plans for phase 2 of City Point, a mixed-use retail development along the Fulton Street mall in Downtown Brooklyn were revealed today, the Architect’s Newspaper reported. Phase two consists of two residential towers, one 19 and one 30 stories tall, with a combined 650 units. The bottom will hold 500,000 square feet of retail. [more]

From left: Douglaston Development Chairman Jeffrey Levine (top), Patricia Dunphy, senior vice president of Rockrose Development (bottom left), the Riverpark farm, the DeKalb Market and the Brooklyn Flea

With more than 600 stalled construction sites currently blighting the city thanks to the recession, developers have begun renting out their vacant lots, sometimes free of charge, to ventures that can lure foot traffic to the area. According to the New York Times, the developers hope the increased traffic will improve the neighborhood — and sales and leasing figures — in advance of their projects breaking ground.

For example, Alexandria Real Estate Equities has fostered a farm on the stalled site of the second Alexandria Center for Life Science tower. Chef Tom Colicchio’s adjacent restaurant Riverpark uses produce from the farm, a set-up that has attracted interest to what would otherwise be a construction fence. [more]

In establishing charities that compliment his goals as Brooklyn Borough president, Marty Markowitz has found a way to capitalize on his role as a power broker for development in the borough. According to the New York Times, real estate developers and other Brooklyn businessmen currying favor with Markowitz have donated somewhere between $20 million to $45 million to his four Brooklyn charities.

The charities all work to fund projects that improve the lives of Brooklyn residents and Markowitz claims there’s no wrong-doing involved. “I know the difference between right and wrong, and ethical and nonethical,” Markowitz said. “I am not pitching them to give me money, and me in turn give them anything.” Though he has little political say in many of the real estate projects, developers view his support as critical. [more]

Local developers are promising to spend $8 million to help move along the construction of a public park at Willoughby Square in Downtown Brooklyn, Crain’s reported. The city had spent $40 million on acquisition, relocation and design costs for the $70 million project, but then the Economic Development Corporation cut $7 million from its capital budget that had been intended for the park.

The 1-acre green space is intended to sit atop a 694-space underground garage, which is being funded by private companies. Comments

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City Point rendering and Aaron Malinsky

Less than two weeks after being fired from the Brooklyn Navy Yard project, Aaron Malinsky was removed from the City Point project in Downtown Brooklyn that was to include the construction of the tallest building in Brooklyn, according to the New York Post.

Malinsky allegedly directed nearly $500,000 in bribes to Brooklyn State Senator Carl Kruger in exchange for his official help with real estate ventures throughout the borough. Yesterday, The Real Deal reported that Malinsky would “vigorously contest” the allegations. [more]

[Updated 8:41 p.m.] The founder of a successful Midtown-based real estate firm is accused of funneling nearly $500,000 in alleged bribes to Brooklyn State Senator Carl Kruger, who in turn took action to benefit that company’s development projects, a complaint unsealed today in Manhattan federal court says. Prosecutors allege Aaron Malinsky, a principal with PA Associates, made the payments to an entity called Olympian Strategic Development, and that money was used to improperly benefit Kruger (see complaint after the jump). Kruger allegedly received at least $1 million in bribes from Malinsky and others between 2006 and 2011, investigators said. In addition to Malinsky, authorities accused lobbyist Richard Lipsky, a principal with Richard Lipsky Associates, whose clients include Forest City Ratner, of involvement in the alleged bribery schemes. [more]

Brooklyn Borough President Marty Markowitz; John Rhea, the chairman of the New York City Housing Authority; and MaryAnne Gilmartin of Forest City Ratner Companies

Within the year, Brooklyn may see the start of construction on the first residential building at the Atlantic Yards, the opening of a new outdoor market in Downtown Brooklyn and sales commencing at new residential condominium 20 Henry.
Members of the real estate community received these and other development updates yesterday at the first installment of the 2011 Brooklyn Real Estate Roundtable series.

Speakers at the event, held at the Brooklyn Historical Society in Brooklyn Heights, included Brooklyn Borough President Marty Markowitz; John Rhea, the chairman of the New York City Housing Authority; and MaryAnne Gilmartin, executive vice president of commercial development and leasing at Forest City Ratner Companies, who gave an update on the Barclays Center Arena. David Ridini, managing director of Canyon-Johnson Urban Funds, discussed the firm’s investments in new condos Isabella and 20 Henry, and Paul Travis, managing partner at developer Washington Square Partners, talked about the City Point project in Downtown Brooklyn. [more]

City Point, a long-stalled retail and housing development project in downtown Brooklyn is expected to break ground by the end of the month, thanks to a $20 million bond from the federal government’s stimulus plan, the Wall Street Journal reported. City Point, which is planning 1.5 million square feet of new construction at the Fulton Mall, is the first private project in New York City to receive funding from the stimulus plan, according to the city’s Economic Development Corp. The previous mall at the site was demolished in June 2008, after which financing and tenant interest dried up. The bond will provide most of the $24 million in financing for the first phase of development, consisting of 50,000 square feet of retail shops to be completed by early 2012. Officials say they expect the project to create jobs downtown and provide 120 units of affordable housing. City Point is the first commercial building to be constructed in more than 30 years at Fulton Mall, according to the developers. Other retailers, including Barneys, H&M and Aeropostale, have also made plans to open shops at Fulton or nearby in downtown Brooklyn. [WSJ]

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The New York City Public Design Commission gave final approval to the City Point development’s first phase, which includes the construction of a 50,000-square-foot retail building. The mixed-use development, which will be built in Downtown Brooklyn at the former Albee Square mall site, is seeking LEED silver certification. The developer, which is operating under an LLC, is expected to break ground on the Cook + Fox Architects’ structure later this spring.