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October 12, 2009
It came from the Blogosphere...
Crain's NY Business, Get ready, Brooklyn: flood of Luxe rentals
Downtown Brooklyn is awash in fast-food shops, shoe stores, subway stops and cutting-edge culture. Now it's about to find itself inundated with something unimaginable just a few years ago: luxury rental apartments.
Next month, The Clarett Group will open the leasing office for the tallest building ever built in Brooklyn, the 54-story, 490-unit apartment tower dubbed The Brooklyner. At the same time, Forest City Ratner Cos. will begin marketing its 365-unit rental at 80 DeKalb Ave. Both are following the lead of nearby Avalon Fort Greene, which began aggressively pushing its own 650-unit entry at 343 Gold St. in September.
“This is the most rental units I have ever seen in the neighborhood,” says Joy Cox, who grew up in the area and is now a broker at Urban Sanctuary. “There are too many, too close together, and I think a lot of units will sit there for a while.”
NoLandGrab: This does not bode well, to put it mildly, for planned Atlantic Yards luxury condos and rentals.
NetsAreScorching, NEVER SAY NEWARK?
So while it’s seemingly the intention of the Nets ownership, and the NBA as a whole to have basketball in Brooklyn, I think it’s appropriate to wonder how playing two, otherwise harmless, typically under-the-radar preseason games in Newark could potentially affect the course of this long-planned and long-stalled real estate move to Brooklyn. Opponents have been fighting the Brooklyn move for years and show no signs of letting up. Russian billionaire Mikhail Prokhorov has signed a letter of intent to take a majority stake of the team, but how much of that ultimately hinges on the move to Brooklyn? Meanwhile, the New Jersey Devils have watched their attendance go up nearly 11 percent since they moved to Newark.
NLG: 100% of Prokhorov's deal hinges on the Nets' move to Brooklyn.
Wall Street Journal Law Blog, New York Turf War Is Headed Back To Court: What is Blight?
In New York City, turf wars are a way of life, from neighbors battling over acid jazz played at hideously loud levels to landlords plotting devious ways to get rid of their rent-controlled tenants.
We touch on this sociological point as a way of setting the stage for this week’s legal battle over the Atlantic Yards project, a controversial plan to build an NBA arena (for the New Jersey Nets), along with stores and condos in a teeming swath of Brooklyn that has been designated as blighted.
inversecondemnation.com, NY Court Of Appeals Oral Arguments In Atlantic Yards Eminent Domain Case
Beginning at 2pm EST, the New York Court of Appeals will hear oral arguments in Goldstein v. New York State Urban Development Corp., the latest case involving the controversial Brooklyn Yards development and Kelo-like claims of eminent domain abuse in an economic development taking.
NLG: That's 2pm EST on Wednesday.
The Volokh Conspiracy, New York’s Highest Court to Hear Important Eminent Domain Case
New York case law is among the most hostile to property rights in the entire country, allowing the condemnation of virtually any property for any reason. For example, a 2001 state appellate court decision ruled that Times Square was blighted, allowing the condemnation of property there for the purpose of transferring it to the New York Times to build a new headquarters. New York is also one of only seven states that have enacted no eminent domain reform law whatsoever since the Supreme Court’s controversial 2005 decision upholding “economic development” condemnations in Kelo. For these reasons, I am not optimistic about the property owners’ chances in this case. However, the litigation might still do some good by focusing greater attention on eminent domain abuse in New York. Moreover, there is always the possibility that the state supreme court will change its ways, as several other state high courts have done in recent years.
Develop Don't Destroy Brooklyn, Atlantic Yards Eminent Domain Flashback to 2005
Here is a "flashback" to June 2005 when the notorious Kelo decision came down:
Ratner Discusses Possibility Of Using Eminent Domain To Help Build Brooklyn Arena
NY 1. June 24, 2005...Mayor Michael Bloomberg says the issue should be addressed on a case-by-case basis.
“Nobody thinks we shouldn't have eminent domain for some purposes,” said the mayor. “The issue is, is development one of the appropriate purposes?”
Daniel Goldstein and his neighbors say they will not give up without a fight. They say they will take their battle to court, if necessary.
Noticing New York, Thompson’s Campaign: Lacking a Clarion Message, Plus Issues of Confused “Respect”
We don’t think that Obama should be so quick to publicly “respect” a man who publicly disrespects him in return. But perhaps Obama would not be so quick to “respect” Michael Bloomberg if Mr. Thompson, as his political opponent were willing to be much clearer about all the reasons that exist not to respect Michael Bloomberg. That means he needs to stop threading needles: Atlantic Yards is clearly a paramount example. Mr. Thompson might very well find that he, himself, gains respect in the process. Yes, on one hand we have Bloomberg who is definitely too focused on benefitting developers, but wouldn’t it be nice if, on the other hand, Mr. Thompson was someone who was able to bring that kowtowing into focus.
Posted by eric at October 12, 2009 10:50 AM