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  #1  
Old Posted Apr 23, 2014, 7:59 PM
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From the highrise developments thread...
http://forum.skyscraperpage.com/showthread.php?t=155242



http://therealdeal.com/blog/2014/04/...-juniors-site/


Air rights sale could spring 50-story tower on Junior’s site
Neighbor JPMorgan Chase reportedly mulling sale of unused development rights






April 23, 2014
Julie Strickland


Quote:
A possible sale of the air rights on JPMorgan Chase’s downtown Brooklyn branch could pave the way for a 50-story tower atop famous cheesecake haven Junior’s.

The landmarked bank locale at 9 DeKalb Avenue holds hundreds of thousands of unused development rights above, which could be sold to the buyer of the Junior’s site at 386 Flatbush Avenue next door.

“Every developer in New York City is looking at this,” Stephen Palmese, partner at Massey Knakal Realty Services, which is handling the sale of the Junior’s site on the corner of DeKalb and Flatbush avenues, told Crain’s.


The bank declined to comment to Crain’s on any plans.

Should JPMorgan Chase’s untapped air rights be rolled into the sale, a property up to 385,000 square feet and 50 stories high could sprout on the site. That height would put the building just three stories below Brooklyn’s current record holder, a 53-story skyscraper at 388 Bridge Street and one shy of the 51-story tower at 111 Lawrence Street. According to Crain’s, the structure would most likely be home to residential units or a hotel.

Junior’s owners say they will reopen their famous eatery in whatever structure replaces the current building
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  #2  
Old Posted Apr 23, 2014, 8:02 PM
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A little more...
Quote:
Originally Posted by Hypothalamus View Post
Crain's NY:

50-story tower could sprout on Junior's site
BY JOE ANUTA
APRIL 23, 2014 12:21 P.M.



JPMorgan Chase is thinking about selling the air rights associated with its two-story property at 9 DeKalb Ave. in downtown Brooklyn.
Photo by CoStar Group Inc..


Quote:
JPMorgan Chase is weighing the sale of air rights on its landmarked branch in downtown Brooklyn to the developers of a site next door. The sale could pave the way for the rise of one of the tallest towers in the booming neighborhood.

The bank, which declined to comment on its plans, owns the turn-of-the-century, neoclassical building at 9 Dekalb Ave., a two-story property with hundreds of thousands of square feet of untapped development rights above it. Those rights could come in handy for whomever ends up buying the site next door, the longtime home of one of Brooklyn’s most famous eateries, Junior’s.

“Every developer in New York City is looking at this,” said Stephen Palmese, partner at Massey Knakal Realty Services, the firm selling the Junior’s site at the corner of Dekalb Avenue and Flatbush Avenue Extension.

The purchase of JPMorgan Chase’s air rights could pave the way for a roughly 385,000-square-foot tower on the Junior’s site, with as many as 50 stories. That would be just three stories shorter than the borough’s current record holder, the 53-story tower at 388 Bridge St., and one below the 51-story Brooklyner at 111 Lawrence St. The new building would likely house residential units and/or a hotel.

[...]

While the Junior’s site is technically in the section proposed for commercial development, the demand for residential units downtown has skyrocketed during the latest real estate boom, pushing the price for development sites from about $50 per buildable square foot to about $350 in just the last three years, according to Mr. Palmese.

Robert Knakal, chairman of Massey Knakal, predicted in February that the parcel would fetch a record price per square foot, according to The New York Times, and with the possibility of adding air rights from the bank branch next door, that assertion only seems more likely.

Junior’s owners, meanwhile, have vowed to continue operating their restaurant in whatever building replaces its current digs.
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Old Posted Apr 23, 2014, 8:04 PM
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Quote:
Originally Posted by tubeworm View Post


Junior’s Brooklyn Site Will Be Sold to Developer, but Restaurant Will Return
By VIVIAN YEEFEB. 20, 2014

Junior’s Restaurant in Brooklyn, an unofficial landmark, will be torn down by a developer, but its owner says he plans to reopen it. | Ozier Muhammad/The New York Times


http://www.masseyknakal.com/listings...aspx?lst=22677

386 Flatbush Avenue Ext., Brooklyn, NY 11201
Ownership Requests Proposals







Quote:
Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of an approximately 102,500 buildable square foot development site located on the corner of DeKalb and Flatbush Avenues in the heart of Downtown Brooklyn. 386 Flatbush Avenue features 110’ of frontage on both DeKalb and Flatbush Avenues and has been home to the famous Junior’s Restaurant for nearly 65 years. The site is currently improved by an approximately 17,000 square foot, 2-story building, which will be delivered vacant upon purchase.

Under the current C6-4.5 zoning, which features a R10 equivalent, a developer could build approximately 102,576 square feet as-of-right. The maximum residential FAR is 10.0, which equates to 85,480 buildable square feet of residential space with the opportunity to increase the development by 20% to approximately 102,576 square feet through utilization of the inclusionary housing bonus.

Additionally, the adjacent property to the west, 9 DeKalb Avenue, is a low-rise landmarked building that is currently owned and operated by Chase bank. Due to the zoning and its landmarked status the property features up to several hundred thousand feet of additional air-rights that could potentially be acquired to increase the size of the subject site dramatically.

The property benefits from unparalleled connectivity to all sections of New York City. Access to the 2 3 4 5 trains is just one block to the south at Nevins Street and the B D N Q and R trains are adjacent to the property at the DeKalb Avenue station.


If those air rights are bought, this could get some pretty good height...














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  #4  
Old Posted Jun 10, 2014, 2:29 PM
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Quote:
The New York Times

At Junior’s Site, Bidders See Brooklyn, Too, as a City of Spires

By MATT A.V. CHABAN, June 9, 2014

...But as in all things these days, it will soon be hard for Manhattan to ignore Brooklyn. The county of Kings has seen a skyscraper boom over the past decade, but hardly one to rival that across the river. Now, Brooklyn partisans may soon extol heights rare even in Manhattan, in the form of a 1,000-foot tower...

The plans remain tentative. Bidding on the Junior’s property kicks off this week and should conclude by month’s end, but a number of prominent developers are already salivating over the possibilities. If the right firm can buy up the land and air rights for the entire triangular block, it would be quite possible to reach a height as yet unheard-of in Brooklyn...

The team most likely to lead this charge — Michael Stern and Joseph Chetrit — knows a thing or two about tall towers. Mr. Stern, a 35-year-old developer, has already made his name with plans to turn the Steinway Hall site on West 57th Street in Manhattan into 1,350-foot tower. Mr. Chetrit, most famous around these parts for residential conversions of the Chelsea Hotel and the Sony Building, owns what is now America’s second tallest building, the Willis Tower in Chicago.

In December, they went to contract on 340 Flatbush Avenue Extension, a squat six-story office building next door to Junior’s. If they can win the bidding for Junior’s, and get Chase to sell them the air rights it owns above the Dime Savings, a landmark, there would be at least half a million square feet at their disposal, enough to carve a knife blade of a tower onto the skyline. Mr. Stern declined to comment and Mr. Chetrit did not respond to a request for an interview.

Others bidding on the Junior’s site could always try to buy out the pair, seeking the same end. Dozens from around the city and the globe have inquired about the property, according to the broker, Robert Knakal of Massey Knakal.

In February, Alan Rosen, the third-generation owner of Junior’s, said any deal would have to grant the restaurant a space inside the new building, but on Monday he said that he would consider moving if the price was sweet enough. His family had already received several offers that surpassed the historic Brooklyn high of $350 a square foot for commercial space, Mr. Rosen said, but none were high enough for him to sign a deal.

The borough president, Eric L. Adams, said that with Brooklyn’s newfound international stature, a thousand-foot tower (of which there are now only six citywide) is inevitable. “We’re not anybody’s little brother anymore,” Mr. Adams said. “Don’t mess with the new address: Brooklyn.”
Although this most of what is written here is speculative, it's great news to hear that Chetrit/Stern own the parcel next door. I remember when they went into that JV together to buy a space in downtown Brooklyn, but I had no idea that it was a zoning lot that could be merged with the Junior's site.
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Old Posted Jun 10, 2014, 2:39 PM
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http://www.brownstoner.com/blog/2014...ot-tall-tower/

Tallest Tower in Brooklyn, 1,000 Feet High, Could Sprout on Junior’s Site


http://www.nytimes.com/2014/06/10/ny...ires.html?_r=0

At Junior’s Site, Bidders See Brooklyn, Too, as a City of Spires



Quote:
There was a time when some Brooklynites could look down on their neighbors on the far shore (and many still do in their minds). But two years before Whitman’s death in 1892, the New York World Building opened, the tip of its flagstaff soaring some 349 feet over Park Row. The first building to overtake Trinity Church in height, it helped kick off the city skyscraper race. Manhattan has hardly looked back since.

But as in all things these days, it will soon be hard for Manhattan to ignore Brooklyn. The county of Kings has seen a skyscraper boom over the past decade, but hardly one to rival that across the river. Now, Brooklyn partisans may soon extol heights rare even in Manhattan, in the form of a 1,000-foot tower. The new edifice would replace one as synonymous with Brooklyn as Whitman himself: Junior’s Restaurant, the two-story neon-lit establishment where until now the only things towering were the slices of cheesecake and the Reuben sandwiches.
Quote:
Throughout Downtown Brooklyn, auto body and pawn shops have given way to new condo and rental towers, thanks to the first large-scale rezoning of the Bloomberg era, enacted 10 years ago this month. Some 33 new apartment buildings have risen downtown, with 5,351 apartments, according to the Downtown Brooklyn Partnership. Another 11 are under construction and 16 are in development, with an expected 12,500 units, each more luxurious than the last. The rezoning has also brought Brooklyn its tallest buildings. The 515-foot Brooklyner, a 414-unit tower that opened in 2010, stands three feet taller than the Williamsburg Savings Bank Building, and 388 Bridge Street, completed this year with 378 apartments, is 590-feet tall.

Like a crowded Jay Z show at the Barclays Center, the more cramped things get, the better it is to be taller. “In New York, even the air is finite,” said Carol Willis, the director of the Skyscraper Museum, which currently has an exhibit that explores the super-tall, slender apartment buildings that seem to be this boom’s signature. “If you look at what’s happening in Midtown, you have to go higher and higher for the really spectacular views.”

The technology to reach these heights has existed for decades; the Empire State Building itself is more than 70 years old. Making elevation pay off is another story, which is why many of the earlier developments downtown did not go as high as they could have. Bruce Ratner proposed a 1,000-foot tower in 2007, and City Point was originally going to rise 65 stories, but both were ahead of their time. No longer.
Quote:
The borough president, Eric L. Adams, said that with Brooklyn’s newfound international stature, a thousand-foot tower (of which there are now only six citywide) is inevitable. “We’re not anybody’s little brother anymore,” Mr. Adams said. “Don’t mess with the new address: Brooklyn.”

His constituents are less eager, however. “They’re trying to make Brooklyn the new Manhattan, and we don’t need two,” said Stacey Steele, who had just finished an after-work meal with two friends at Junior’s on Friday afternoon (she had ordered the strawberry cheesecake).

Whether they like it or not, Ms. Steele and the rest of Brooklyn may well find a thousand-foot tower in their future. “Oh sure, they fit everything in New York City,” said Miss Kitty, a psychic who has watched over the Junior’s crowds for seven years from her storefront across the street. “It’ll take three years.”
----------------------------------------

I honestly didn't think it would happen this fast! 1,000FT could be coming to Brooklyn before 2020?! Who knew?
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Old Posted Jun 10, 2014, 2:40 PM
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^ Yes! This is what I want and need for the Brooklyn skyline.


Quote:
Brooklyn partisans may soon extol heights rare even in Manhattan, in the form of a 1,000-foot tower. The new edifice would replace one as synonymous with Brooklyn as Whitman himself: Junior’s Restaurant

...The plans remain tentative. Bidding on the Junior’s property kicks off this week and should conclude by month’s end, but a number of prominent developers are already salivating over the possibilities.

The team most likely to lead this charge — Michael Stern and Joseph Chetrit — knows a thing or two about tall towers. Mr. Stern, a 35-year-old developer, has already made his name with plans to turn the Steinway Hall site on West 57th Street in Manhattan into 1,350-foot tower. Mr. Chetrit, most famous around these parts for residential conversions of the Chelsea Hotel and the Sony Building, owns what is now America’s second tallest building, the Willis Tower in Chicago.



http://www.nytimes.com/2014/06/10/ny...ires.html?_r=0
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Old Posted Jun 10, 2014, 3:02 PM
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Just like I predicted. New Yorks Kowloon is becoming a reality.
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Old Posted Jun 10, 2014, 3:14 PM
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Just imagine it guys. This will be (could be, it's not final yet) so iconic for Brooklyn and the city skyline in general! It all have to be a beauty, we can't just throw up anything for our first super tall.


This news literally made my day!
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Old Posted Jun 10, 2014, 3:59 PM
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I would love to see a Supertall on the Junior's site. It would be perfect for extending the skyline peaks deep into Brooklyn.

And if Michael Stern is buying the site, then there's a very good chance this will come to fruition. He's one of the biggest developers in the city right now, and building the super-skinny 1,400 ft. 107 W.57th.
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Old Posted Jun 10, 2014, 4:35 PM
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Okay great (and I mean it); but if we get a supertall for BKN sooner than later, Downtown's gonna look like Oklahoma City does right now.

I want to see at least one tower break the 700'-800' mark before this happens.

They're *how* close to getting one (at least) in the 600' range; so I'd be willing to wait some to see how this proposal works out.
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Old Posted Jun 10, 2014, 5:34 PM
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Okay great (and I mean it); but if we get a supertall for BKN sooner than later, Downtown's gonna look like Oklahoma City does right now.

I want to see at least one tower break the 700'-800' mark before this happens.
Don't forget City Point Brooklyn! This tower may not be so lonely...
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Old Posted Jun 10, 2014, 5:35 PM
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Good news. With all the transportation infrastructure available this is where skyscrapers should be growing in Brooklyn.
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Old Posted Jun 11, 2014, 5:05 PM
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Good news. With all the transportation infrastructure available this is where skyscrapers should be growing in Brooklyn.
Yes, it's one of the reasons this area was rezoned by the City for larger buildings. Downtown Brooklyn already had density, which is why this one would already be better than a lot of supertalls we see going up now surrounded by a lot of nothingness. But even if this tower doesn't reach supertall status, 800-900 ft is still pretty good, and would be a dominant tower for Brooklyn.
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Old Posted Jun 11, 2014, 5:16 PM
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That block to the south of this should be next. It's on top of the train station.
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Old Posted Jun 11, 2014, 9:59 PM
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I did a quick mockup of what a 1000 footer might look like here -

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Old Posted Jun 11, 2014, 10:57 PM
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I did a quick mockup of what a 1000 footer might look like here -

NIce!
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Old Posted Jun 11, 2014, 11:04 PM
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And it was only a couple of years ago that the tallest tower was the Williamsburgh Savings Bank Tower. This will hopefully set the trend for towers close to that range. The demand is there, now its a matter of building them.
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Old Posted Jun 12, 2014, 12:23 AM
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I did a quick mockup of what a 1000 footer might look like here -

That building is out of control for a mid-rise area.
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Old Posted Jun 12, 2014, 12:41 AM
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It will have lots of friends, can't help but wonder why City Point III isn't being built right away.
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Old Posted Jun 12, 2014, 3:28 AM
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^ Exactly. I think with the addition of 388 Bridge, City Point and Avalon Willoubghy it won't be a lonely tower at all. I know we're not even in the proposal stage (or have a buyer for that matter) but hopefully everything works out so that this tower happens!

To say we were alive when the first Brooklyn super tall was built would make a pretty epic story later on!
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