Downtown Brooklyn rattled by stalled Catsimatidis project
February 22, 2008 05:17AM
Catsimatidis' Myrtle Avenue project
A laundromat, pharmacy and grocery store along Myrtle Avenue in Downtown Brooklyn had already been demolished and a 660-unit tower was set to rise in their place. Then John Catsimatidis, owner of the Gristedes supermarket chain, pulled the plug, citing the credit crunch and a lack of financing for the affordable housing component. Joe Chan, president of the Downtown Brooklyn Partnership, said builders are examining their options as financing becomes harder to get. Catsimatidis could drop the project's 215 affordable units and lose the tax incentives they would bring. AsThe Real Deal recently reported, investors have shown less interest in buying low-income housing tax credits, a key driver of affordable housing developments. [Brooklyn Paper]
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