From left: Brooklyn Bridge Park, Barry Sternlicht, chairman of Starwood Capital, Stephen Benjamin, principal at Dermot Company, and Robert Toll, president of Toll Brothers
The contenders to redevelop Brooklyn Bridge Park’s residential and hotel components have been whittled down to three from seven, sources told Crain’s.
The three with their hats still in the ring are the Dermot Company, Toll Brothers and a partnership consisting of Starwood Capital and Alloy Development, Crain’s said. [more]
The redevelopment of Pier A in Battery Park City has hit a major hurdle, as Battery Park City Authority officials realized the landmarked structure is in worse condition than initially suspected. According to DNAinfo, that could increase the time and cost necessary to transform the rotting pier into an oyster bar and catering hall. [more]
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]
Rendering of Girls Club
The Lower Eastside Girls Club began construction last Friday for its new mixed-use community center on Avenue D and East 7th Street. When completed in 2012, the property will include 78 affordable and market-rate rental residences, in addition to community and retail space. After years of operating its programs out of several rented spaces in the neighborhood, the Girls Club will have a permanent home on the first three floors of the 12-story LEED Gold-certified building, designed by Cutsogeorge Tooman & Allen Architects and developed by the Dermot Company. The 30,000-square-foot headquarters will be the first girls club facility in New York City, a project being built under Mayor Michael Bloomberg’s New Housing Marketplace, an $8.4 billion initiative to finance 165,000 units of affordable housing for half a million New Yorkers by 2014. TRD
Most
of the 190 units at One Hanson Place have sold, but the remaining units
are now available for rent. On Stribling Marketing Associates’ Web site, 19 units are
listed as rentals, with monthly rents ranging from $3,400 to $4,900.
Three other units have been listed for-rent-by-owner since the
fall. One Hanson Place was converted into a residential building in 2006 by
Dermot Company and the Canyon-Johnson Urban Funds. [more]
