[NYguy]

From a lengthy piece on the CityPoint development...


http://commercialobserver.com/2014/1...at-city-point/

BY TOBIAS SALINGER
12/03/14

The third and tallest tower onsite has yet to take shape, with another of the city’s prolific real estate companies potentially in the mix to make its first entrance to Brooklyn. But speculation has abounded, with reports circulating that the building could supplant other new towers in the area as the tallest building in the borough.

CO reported in September that Gary Barnett’s Extell Development Company is in contract to build the third tower, but representatives for the company declined to comment on the development rights purchase.

The projects’ partners declined to confirm or deny the arrangement, saying, “Phase 3 does not need to start construction until 2017, so we have a little time before we need to start the development process.”

Yet that tower will be just one of many that have popped up in the now-thriving downtown area. Mr. Travis pointed out a site across the street from City Point where Morris Bailey’s JEMB Realty has filed plans to build a 65-story tower at 420 Albee Square.

Since the 2004 rezoning, Downtown Brooklyn has added 8 million square feet of new development, including 5,200 residential units, over 1,000 new hotel rooms, nearly 250,000 square feet of office space and 625,000 square feet of retail, according to a 10-year report by the Downtown Brooklyn Partnership. After the public sector invested $400 million in infrastructure, the private sector has spent $4 billion on new development, figures from the report say.

“When we purchased it, we were in a site that was in the middle of a downtown that was beginning to transform,” Mr. Travis said. “We were very focused at first on the neighborhoods around Downtown Brooklyn. What we didn’t know was that Downtown Brooklyn would transform so fast.”