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  #1  
Old Posted Jan 4, 2011, 2:59 PM
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Smile NEW YORK | 66 Rockwell Place (29 Flatbush Avenue) | 457 FT / 139 M | 42 FLOORS

http://www.brooklyneagle.com/categor..._id=4&id=40456

Construction Begins on 42-Story Tower on Flatbush Avenue



by Linda Collins
01-03-2011

Quote:
Joining three other residential towers along Flatbush Avenue in Downtown Brooklyn — Oro, Avalon Fort Greene and Toren — construction began last week on a fourth, according to its developers The Dermot Company and Grosvenor Investment Management US Inc.

The land parcels have been assembled, they say, and financing is in place for the 42-story, 457-foot-tall mixed-use residential tower on a through lot between Flatbush Avenue, Fulton Street and Rockwell Place.

Additionally, Department of Buildings records show approved permits for the new building, its foundation and framing, excavation, underpinning and shoring work, among others. The development will have 327 rental units — 20 percent of which will be affordable, according to Stephen N. Benjamin, principal at Dermot.

The project will also have 7,600 square feet of retail space along its Flatbush and Fulton sides, a 200-car parking garage and amenities on the fourth and 42nd floors.

“With our year-end deadline approaching, we started construction on 29 Flatbush last week, before our closing earlier today [Dec. 29],” said Benjamin. “While the project was delayed due to the financial crisis in 2008, 29 Flatbush was well positioned to capitalize on an opportunity to execute quickly, and that opportunity arose this fall when all parties involved green-lighted us for closing by year end. We had to race to the goal line, but our team and partners got it done.”

As the Eagle reported last week, the project’s funding came from $90 million in tax-exempt financing from the NYS Housing Finance Agency (HFA) and credit enhanced by Bank of America, Capital One and $70 million of equity from Dermot’s partner, Grosvenor Investment. “The funding of the development phase underscores [our] ongoing commitment to invest in high quality housing in New York City. We worked very closely with a variety of city and state agencies to accomplish the transaction and really appreciated the support our team received from them,” said Robert Kilroy, Grosvenor’s managing director.

At the closing, the NYC Department of Housing Preservation and Development (HPD) sold a piece of city-owned property to Dermot to finalize the land assemblage.

“The stars aligned in late 2010 when all of the financing pieces for the development came together,” said Drew Spitler, director of development at Dermot. “Grosvenor is a partner who recognized this opportunity and decided they were committed to getting this project closed as soon as possible.”

Bovis Lend Lease is acting as construction manager of the development and Ismael Leyva Architects designed the project.

In addition, the project utilizes inclusionary housing certificates that Dermot says it purchased from a community group that built affordable housing at 15 Quincy St. in Clinton Hill.
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  #2  
Old Posted Jan 4, 2011, 4:45 PM
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Flatbush Avenue is quickly becoming the newest core of Downtown Brooklyn.
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  #3  
Old Posted Jan 4, 2011, 5:15 PM
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Awesome. I hope to see lots of picture/text updates on this. First new construction of the year?
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  #4  
Old Posted Jan 4, 2011, 7:37 PM
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this is amazing news!!! go Brooklyn!!!
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  #5  
Old Posted Jan 4, 2011, 8:26 PM
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Great news; Brooklyn is continuing to grow vertically.
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  #6  
Old Posted Jan 6, 2011, 12:34 AM
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Wow... Flatbush! Who would have ever thought Flatbush would get a generic tower like that? They built that exact same tower on Broadway & 68th in 1994.
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  #7  
Old Posted Jan 6, 2011, 12:54 AM
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^ Flatbush Avenue has been a target of city planning and has seen recent residential developments. Didn't expect things to pick up there again so soon though.



http://www.brownstoner.com/brownston...atush_maki.php
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  #8  
Old Posted Jan 6, 2011, 1:27 AM
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This is great for Brooklyn. I hope to see more proposals some day.
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  #9  
Old Posted Jan 6, 2011, 2:24 AM
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I'm sure it will look like shit, but if for some unfathomable reason they actually use good materials it'll be pretty nice.
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  #10  
Old Posted Jan 6, 2011, 11:29 PM
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It's unlikely to be worse than the so-so towers a few blocks away (Avalon, Oro), and also unlikely to be better than the nicer buildings (Toren, DKLBBKLN). That seems reasonable for Brooklyn. There are a few other towers breaking ground in the coming months as well, but this is probably the "first" of the year.
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  #11  
Old Posted Jan 7, 2011, 10:49 PM
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I'm not crazy about the tower itself, but it's some nice height to Brookyln's downtown area. I'd love to see an expanding skyline on that side of the river.
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  #12  
Old Posted Jan 8, 2011, 8:23 PM
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good news! still hoping for a 200m+ tower for brooklyn!
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  #13  
Old Posted Jan 8, 2011, 8:34 PM
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They actually proposed one a short while back (City Tech Tower), and it was supposed to have been 1,000 feet tall, but NIMBY's shot it down. If you want to know a bit more the building is on an existing thread on the Never Built areas of the forums.
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  #14  
Old Posted Jan 10, 2011, 5:51 PM
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^ That was never proposed to be 1,000 ft tall, just some misinformation at the time.

Still, here's a look at some of the developments we've seen over the past couple of years.


http://www.nytimes.com/2011/01/09/re...9cov.html?_r=2
Suddenly, a Brooklyn Skyline


Brooklyn’s new towers include, from left, Oro, Avalon Fort Greene, Toren and DKLB BKYN



Oro, which is doing its bit to change the profile of Brooklyn, has views of a more famous skyline.



38 STORIES Toren



40 STORIES oro





By JAKE MOONEY
January 7, 2011

Quote:
THE view north across the East River from a high floor at Oro, a new 40-story condominium tower at 306 Gold Street in Downtown Brooklyn, is eye-popping, a panorama of clouds, bridges, water and skyscrapers in Manhattan. But gazing to the south and west from the same perch reveals a more traditional Brooklyn landscape: here a cluster of bank offices, there a line of cars at a Flatbush Avenue traffic light, set against a distant backdrop of low-rises and brownstones.

Oro is part of a recent wave of downtown development, much of it residential, that looks to high-rise Manhattan rather than brownstone Brooklyn as a model. It is changing the borough’s face and bringing thousands of new residents to a once mostly commercial area.

In addition to Oro, which started selling in 2007, at least half a dozen high-rises have recently opened or broken ground downtown, a sprawling area broadly defined by Cadman Plaza on the west, Atlantic Avenue to the south, Flatbush Avenue and Fort Greene to the east and the Brooklyn-Queens Expressway to the north. They are drawing Manhattanites lured by low rents as well as locals who want modern amenities and a change from brownstones and low-rises.

The Brooklyner, a 51-story fully occupied rental building at 111 Lawrence Street, is now the tallest building in the borough. On or just off nearby Flatbush Avenue are: Avalon Fort Greene, a 650-unit, 42-story behemoth whose rents range from $2,132, for a studio, to $4,241 for a three-bedroom penthouse; DKLB BKLN, a 36-story rental building at 80 DeKalb Avenue; and Toren, a 38-story glass tower at 150 Myrtle Avenue, where a one-bedroom is available for $475,000 and two-bedrooms can be found from $695,000 to $1.2 million. And all around the neighborhood, recent additions that languished half empty as recently as last year are steadily filling up.

Even Flatbush Avenue itself, at its worst a river of traffic flowing onto and off of the Manhattan Bridge, is looking better: Freshly planted islands in its median were part of $100 million in city-financed streetscape improvements.

...There is even talk of new buildings: In December, plans became public for a 234-unit, 49-story tower on Bridge Street, and a 327-unit, 42-story building by the Dermot Company broke ground last month at 29 Flatbush Avenue. Both are to be rentals, and combined, they will receive nearly $200 million in state money in exchange for including affordable-housing components.

So much residential growth is occurring, in fact, that some people in the neighborhood worry it may be too much. Robert Perris, the district manager of Community Board 2, which represents the area, said the benefits of residences along Flatbush Avenue were clear. But, he added, so are the benefits of a strong commercial district — and strengthening the commercial district was one of the chief goals of the rezoning. When residential buildings are erected in commercial zones, he said, their lots are lost for commercial purposes.

“There are only so many development sites,” Mr. Perris said. “If these sites get developed for residential, they’re gone forever.”

Mr. Chan urged patience about the arrival of nonresidential development.


30 STORIES 230 Ashland Place



51 STORIES The Brooklyner
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  #15  
Old Posted Jan 10, 2011, 6:53 PM
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Holy shytsa! I didn't know there were tall buildings in Brooklyn. Pretty cool! Crazy how fast it's growing too.
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  #16  
Old Posted Jan 10, 2011, 11:44 PM
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^^^ Yes there are but I hope one day the neighborhood will build character or will be desirable to live or to visit.
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  #17  
Old Posted Jan 11, 2011, 12:32 AM
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Quote:
Originally Posted by Obey View Post
^^^ Yes there are but I hope one day the neighborhood will build character or will be desirable to live or to visit.
well Dumbo and Brooklyn heights are really nice but i will say that Downtown just isnt quite there yet.
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  #18  
Old Posted Jan 11, 2011, 1:19 AM
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^ It's a work in progress, but also surrounded by some of the best neighborhoods in Brooklyn and the City.


skylinescenes













kobenhavn

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  #19  
Old Posted Jan 11, 2011, 11:45 AM
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(downtown) brooklyn already has a great density, now all it needs is height, height and height!
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  #20  
Old Posted Jan 11, 2011, 2:17 PM
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^ I'd settle for a 700 footer for now.
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