Catsimatidis halts Big Downtown Brooklyn development

John Catsimatidis, owner of the Gristedes supermarket chain, has put a massive Downtown Brooklyn project on hold due to financing troubles. Catsimatidis said the $500 million in bonds needed to build the Myrtle Avenue project is not available. Other developments near the project, including sites for affordable housing, are also being put on hold because of the difficulty in obtaining bond financing. Catsimatidis planned to include 552 market-rate units, 215 below market-rate units and more than 200,000 square feet of retail space. Two buildings at the site have already been demolished.