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  #621  
Old Posted Jul 9, 2018, 11:54 AM
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Are you taking about the Dept of Health or Long Island University? Bc I've heard the University has its eyes on the DOH site. I can't see that site becoming private development, imagine the coronaries in Ft Greene.
Yeah, I was talking about the DOH site. That building is horrific. Should be a 70-floor tower.

If LIU buys the site, I hope we get a tower. They're already building a major mixed-use tower on the east end of their campus.
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  #622  
Old Posted Jul 17, 2018, 12:58 AM
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Credit: bkhights


Demo is progressing. We just have to be patient. No worries, the golden era for Brooklyn will get its King. There's a reason its called King's County, now it just need the tower that defines it.

Although on a side note, the British name of Kings should of stuck as the official borough name. Brooklyn just sounds quaint, which its not. Its a urban jungle in every respect. A boss! But I digress...
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  #623  
Old Posted Jul 17, 2018, 1:22 AM
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Credit: bkhights


Demo is progressing. We just have to be patient. No worries, the golden era for Brooklyn will get its King. There's a reason its called King's County, now it just need the tower that defines it.

Although on a side note, the British name of Kings should of stuck as the official borough name. Brooklyn just sounds quaint, which its not. Its a urban jungle in every respect. A boss! But I digress...
Brooklyn is a town in Utrecht (Breukelen), sounds sophisticated to me, as Holland just does it better when it comes to urban living and is home to some of the most pretty towns in the world... but I digress. This tower is needed drastically for downtown. Brooklyn has a higgledy-piggeldy appearance with towers of all colors, shapes and sizes and needs something of quality urgently! The quality of design in Brooklyn is not quite there yet.

Last edited by aquablue; Jul 17, 2018 at 1:32 AM.
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  #624  
Old Posted Jul 17, 2018, 2:41 AM
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Originally Posted by chris08876 View Post

Credit: bkhights


Demo is progressing. We just have to be patient. No worries, the golden era for Brooklyn will get its King. There's a reason its called King's County, now it just need the tower that defines it.

Although on a side note, the British name of Kings should of stuck as the official borough name. Brooklyn just sounds quaint, which its not. Its a urban jungle in every respect. A boss! But I digress...
When do you predict construction to begin?
Oh hey, if Brooklyn is a boss, then Manhattan is what?
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  #625  
Old Posted Jul 17, 2018, 3:52 AM
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Although on a side note, the British name of Kings should of stuck as the official borough name. Brooklyn just sounds quaint, which its not. Its a urban jungle in every respect. A boss! But I digress...
It's still Kings County. Queens is Queens county, Staten Island is Richmond county, Manhattan is New York county, and the Bronx is, the county of the Bronx.
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  #626  
Old Posted Jul 17, 2018, 11:49 AM
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When do you predict construction to begin?
Oh hey, if Brooklyn is a boss, then Manhattan is what?
Q4 2018.

Oh, and Manhattan is the board of directors.
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  #627  
Old Posted Jul 27, 2018, 9:50 AM
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i did a walkaround yesterday. yes demo is progressing on the flatbush building next to juniors. also, work on the bank as well. a handful of workers around and on site. nothing doing on the tower site itself as yet.















Last edited by mrnyc; Jul 27, 2018 at 5:22 PM.
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  #628  
Old Posted Jul 28, 2018, 8:34 PM
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Slooowwww
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  #629  
Old Posted Aug 15, 2018, 2:36 AM
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Chetrit Group out at 9 Dekalb Avenue, Brooklyn’s tallest development: Michael Stern’s JDS is taking full ownership of the 1,066-foot tall development

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Michael Stern’s JDS Development Group is taking full ownership of the supertall development at 9 Dekalb Avenue in Downtown Brooklyn.

The developer bought out partner Chetrit Group for nearly $60 million, sources told The Real Deal.

Chetrit acted on a “put option” in the ownership agreement, which allowed the firm to sell its stake, according to sources. JDS declined to comment, and a representative for Chetrit did not immediately respond to a request for comment.

The developers had secured a $135 million pre-development financing package from Bank of the Ozarks and Melody Finance in 2017 for what is set to be a Brooklyn’s tallest tower at 1,066 feet. At the time that debt deal closed, the developers were said to be on the hunt for a $265 million construction loan to complete the 73-story, mixed-use project.

SHoP Architects is designing 9 Dekalb, which will span 556,000 square feet — 93,000 of which will be commercial. The old bank building, which was landmarked in 1994, will hold retail. The project will contain a mix of rentals and condominiums.

Barnett is aiming for a sellout of $901 million, which would set a record for Brooklyn.
==================
TRD
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  #630  
Old Posted Aug 15, 2018, 6:23 AM
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yeah i thought this is what was going on. oh well now we know why the footdragging, hopefully they get construction in gear now.
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  #631  
Old Posted Aug 15, 2018, 12:51 PM
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A buyout = this is expected to be a lucrative development = construction imminent

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  #632  
Old Posted Aug 15, 2018, 6:49 PM
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A buyout = this is expected to be a lucrative development = construction imminent

It's actually a signal of the opposite--JDS didn't choose to buy anyone out, Chetrit chose to exit. The transaction was the result of the exercise of a Put Option, which is a sign that at least Chetrit thinks that this deal is less attractive than when he first got involved.

It's pretty common for an investor to negotiate for an exit right like this in these scenarios--the concern is that it's pretty difficult to sell a minority equity stake in a development deal because the market isn't very deep for buyer's of partially-built structures (investors typically want to buy potential development sites or projects that are already built, or at least fully financed, not projects halfway in between). To alleviate the fear of getting stuck in a deal without the ability to sell, the investor may negotiate for the right to force the developer to buy them out at a predetermined price so that they can exit if they need/want to.

There are all kinds of triggers for a put option--sometimes it's failure to hit a milestone by a certain date, or other times it's just an option that is exercisable within a certain window of time. No way to know whether this put was triggered by a bad situation, but the one thing we know for certain is this: Chetrit chose to get his money out now rather than stay in and have a share of future profits, which means that he isn't optimistic about where this is headed.

It's also possible that Chetrit loves this deal and just needed to get his money back because he has a liquidity issue somewhere else, but I doubt it.

This is my single favorite development proposal in the city and I'm really rooting for it to succeed. That said, there is no positive spin on Chetrit exercising his right to force JDS to buy him out.
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  #633  
Old Posted Aug 15, 2018, 7:08 PM
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Originally Posted by De Minimis NY View Post
This is my single favorite development proposal in the city and I'm really rooting for it to succeed. That said, there is no positive spin on Chetrit exercising his right to force JDS to buy him out.
Chetrit is an initial investor, not a builder, so there is no negative spin to Chetrit doing what he always does. He always cashes out.
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  #634  
Old Posted Aug 15, 2018, 10:46 PM
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Originally Posted by Skyguy_7 View Post
A buyout = this is expected to be a lucrative development = construction imminent

With JDS in charge, the optimism increases exponentially.
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  #635  
Old Posted Aug 16, 2018, 4:25 AM
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A look at a model...


https://www.6sqft.com/where-i-work-g...orth-building/

Where I Work: Go inside SHoP Architects’ aviation-inspired offices in the Woolworth Building

AUGUST 15, 2018
BY DANA SCHULZ







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  #636  
Old Posted Aug 16, 2018, 4:41 AM
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Wrong thread, NYguy.
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  #637  
Old Posted Aug 16, 2018, 11:51 AM
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Wrong thread, NYguy.
Look a little closer.
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  #638  
Old Posted Aug 16, 2018, 5:42 PM
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That office looks amazing.
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  #639  
Old Posted Aug 17, 2018, 5:44 PM
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Wrong thread, NYguy.
Camouflage
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  #640  
Old Posted Aug 17, 2018, 11:01 PM
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Another stealth view...


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