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March 1, 2007

Downtown Brooklyn Is Booming

The NY Sun, Real Estate
By Michael Stoler

There were two items from today's column that refer to Forest City Ratner.

More Forest City Ratner luxury housing (actually, 20% of the units would be affordable):

As I reported last September, the City University of New York and Forest City Ratner Cos. plan to begin construction of a 1 million-square-foot mixed-use tower in the heart of downtown Brooklyn later this year. The development on the campus of the New York City College of Technology, to be located at 300 Jay St. in the MetroTech Center, will occupy an entire city block bounded by Jay, Johnson, and Tillary streets. The first eight floors will house classrooms and a majority of the urban college campus; the upper floors will be for luxury residential condominiums.

Here's the first report on rumors about the Brooklyn Tech deal that was touted as part of the grand compromise when the Atlantic Yards project received final approval in December.

Could Ratner be planning to move Brooklyn Tech to Metrotech (another city entity leasing at Metrotech and even mo' money for the Brucester, ka-ching!) and to turn the current Brooklyn Tech building into condos (Ka-ching, ka-ching!)?

Meanwhile, Polytechnic University is exploring a joint venture with Forest City Ratner Cos. on its campus in MetroTech, real estate sources said. The transaction would include the sale of about 800,000 square feet of available air rights for development. In addition, it is rumored that Forest City has plans to construct a residential condominium on the former site of Brooklyn Technical High School; the school would move to MetroTech.

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Norman Oder speculated last January that Ratner has a track record of turning schools into condos.

NoLandGrab: Is it just us, or does it seem like every concession lands right back into Bruce Ratner's wallet? They don't call him "Boondoggle Bruce" fer nuthin'.

Posted by lumi at March 1, 2007 12:25 PM