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July 27, 2008

Myrtle Ave. condo/supermarket project stalls, leaving just an empty space

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NY Daily News
JOTHAM SEDERSTROM

The Myrtle Ave. project's crumbling comes as the shaky economy has sent shivers through the real estate industry and put other large city projects in jeopardy. In Brooklyn, the controversial Atlantic Yards and Coney Island projects have faced delays and reductions in size.

Catsimatidis' project is facing the same fate.

"The economy soured, and he can't get municipal bonds to get the affordable housing," said Councilwoman Letitia James (WFP-Prospect Heights), an early supporter of Catsimatidis' project because of the affordable housing.

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Posted by amy at July 27, 2008 11:05 AM