Judge ups valuation of condemned Brooklyn site

Juror raises appraisal of Atlantic Avenue property from $2M to $9M

TRD New York /
May.May 29, 2014 06:10 PM

A judge has valued a condemned property at 730-40 Atlantic Avenue, close to where the Barclays Center stands, at approximately $9.2 million.

The property was located in an industrial-use zone until 2001 and later condemned by the Empire State Development Corporation to make room for the Atlantic Yards project.

The property’s current owner, 730 Equity Corp, applied for a rezoning that would allow a hotel to be built on the site.

While earlier valued at around $2 million, Brooklyn Supreme Court Justice Wayne Saitta reviewed the prior appraisal and concluded earlier this month that the actual value of the property is around $9 million.  

The judge said that Atlantic Avenue, unlike neighboring Pacific Street, “creates a situation that can support a larger development.”

 

“[E]ven though a 124,000-square-foot hotel is physically possible on the site, the Court must also consider whether such a hotel is financially feasible,” Saitta wrote in the ruling. The ESDC maintained that a hotel in that location would not be viable. [Brooklyn Eagle] — Claire Moses


Related Article

arrow_forward_ios
Alibaba co-founder Joseph Tsai with Nassau Coliseum in Uniondale and Barclays Center in Brooklyn (Credit: Getty Images, SHoP Architects, and Barclays Center)

Alibaba’s Joseph Tsai in talks to buy Barclays Center, Nassau Coliseum: report

Nothing but Nyet: Prokhorov moves basketball team’s corporate HQ out of Barclays Center

Islanders may be booted from Barclays Center

Three NYC stadiums received $867M in federal subsidies: study

Prokhorov to refinance Barclays Center with $480M bond deal

Greenland Forest City scopes out another Barclays Center site for office tower

Greenland Forest City mulls building BK’s biggest office tower

P.C. Richard sues Forest City over eminent domain seizure at Pacific Park

arrow_forward_ios