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October 31, 2008

Decoding FCR’s Gilmartin on Beekman Tower: condo aversion may jeopardize AY condos (or 50/50 plan)

Atlantic Yards Report

When Forest City Ratner Executive VP MaryAnne Gilmartin offers some insight into another local project under construction, Norman Oder speculates that the Atlantic Yards 50/50 affordable housing deal might get even murkier:

While the Beekman Tower is less a model for Atlantic Yards housing than the under-construction tower at 80 DeKalb Avenue in Brooklyn, Gilmartin’s explanation of why Beekman contains rental units, not condos, may cast further doubt on the developer’s plans for 1930 condos in the Atlantic Yards project.

If the condo market is currently saturated, and the developer prefers the flexibility of rentals, then either the condos would be quite delayed or a switch to rentals would further undermine the pledge of 50/50 affordable and market-rate housing.

Also, while questions about Atlantic Yards just didn’t come up, Gilmartin’s assertion that “we just simply do not know how to give up” may be tested by trying to pursue Atlantic Yards during an economic downturn. Note also that she described "the development, community" as "change-resistant, by its very definition--we really only do things when we have to."

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Posted by lumi at October 31, 2008 6:10 AM