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November 15, 2007
Concerns Rise Over Brooklyn Boom
The NY Sun
By Michael Stoler
Everything's ducky in Downtown Brooklyn, according to Joe Chan:
The president of the Downtown Brooklyn Partnership, Joe Chan, said: "In the pipeline there are 56 projects which will develop a total of 14,300 residential units, including the Atlantic Yards project. Forty percent are slated to be condominiums, and the balance will be residential rentals. Today we are seeing some developers hedging their bets between condominiums and rentals. Of the 5,600 rental projects, approximately 3,200 will have an affordable component, the majority of which will be located in the Atlantic Yards."
The new apartments, Mr. Chan said, will "create a 24/7 environment and will help to diversify the retail environment and strengthen the local economy. In the long term, this will help the commercial market, and people's perception of downtown Brooklyn will change for the positive."
Others are less sanguine in the face of a credit crunch and an enormous amount of luxury market-rate housing in the pipeline.
NoLandGrab: Keep in mind that the energetic Chan was hired to sell this third iteration of the vision for Downtown Brooklyn, the first two being Ratner's MetroTech, which failed to deliver on economic promises, and Downtown Brooklyn Rezoning v.1, which has been tweaked since the demand for Class A office space in Downtown Brooklyn failed to materialize.
Posted by lumi at November 15, 2007 5:24 AM