NYC real estate in brief

February 19, 2009 03:13PM

Dumbo historic commercial buildings going residential
Three Greek Revival-style commercial buildings in Dumbo will be turned
into a single, mixed-use structure. The five-story buildings — 11, 13 and 15 Old
Fulton Street — will have rental units on the second through fifth
floors with ground-floor retail. The buildings stand in the Fulton
Ferry Historic District, and the city Landmarks Preservation Commission
has already approved plans for the building. Construction, which will
include restoring the building’s facade, is expected to begin this year.

Carlton Strategic Ventures starts mortgage capital division

Strategic Ventures has created CSV Mortgage Capital, a $300 million
first mortgage joint venture with an institutional real estate
investment firm. The new venture will originate first mortgage loans up
to 65 percent of currently underwritten first mortgage value to
qualified borrowers. CSV Mortgage Capital will be targeting loan
transactions between $20 million and $100 million.

40 Brooklyn groups say no to stimulus funds for Atlantic Yards
Brooklyn community organizations sent a letter to Governor David
Paterson explaining why the Atlantic Yards project should not receive
funds from the stimulus bill. The groups state the project already is
getting financing from the city, state and federal subsidies in the
form of cash, tax breaks and tax exemptions, and so the stimulus funds
should not go towards bailing out the project. The letter said New York
residents instead need the stimulus funds for infrastructure and
housing, not a sports arena.

Public review of Dumbo rezoning begins
The Department of City
Planning began the public review of the proposed Dumbo rezoning
yesterday. In the proposal, 10 blocks along Jay Street and five blocks
along Bridge Street would be rezoned from manufacturing to a mixed-use
district, allowing residential and community facility uses. “Providing
predictability, height limits and opportunities for affordable housing
will enhance the DUMBO success story of adaptive reuse of its historic
loft and warehouse buildings, and make this an even more exciting
neighborhood,” said City Planning Commissioner Amanda Burden. TRD