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February 14, 2012
Brooklyn's Shifting Center
The Wall Street Journal
by Joseph De Avila
New York's Steiner family is planning a 52-story rental apartment tower on a gritty block in downtown Brooklyn in what would be the latest expansion of residential development in the borough beyond its traditional boundaries.
The family, which is best known for developing a Hollywood-scale studio in the Brooklyn Navy Yard, is moving forward with a building that would include about 720 units and 50,000 square feet of store space. The Steiners acquired the bulk of the site, at the intersection of Schermerhorn and Flatbush avenues, for $30 million in November, and plan to break ground early next year at the latest.
The Steiners are betting that demand for housing will overflow from popular Brooklyn neighborhoods like Park Slope and Fort Greene. The area also will benefit after the Barclays Center makes its debut this fall just two blocks away on Flatbush, bringing in thousands of visitors for basketball games and concerts, Mr. Steiner said.
NoLandGrab: "Benefit" is not quite the word we had in mind.
The Brooklyn Paper, High-end high-rise planned on Flatbush
Posted by eric at February 14, 2012 12:09 PM