Tuesday, February 03, 2009

Adventures in real estate: agent hypes property next to AY site

Ingram & Hebron Realty, marketing three contiguous properties at 670-674-678 Pacific Street, bills them as "[d]irectly across the street from $4 billion Atlantic Yards/Nets Arena project" and advertises them using a deeply aspirational map of the AY footprint.

(Photo by Tracy Collins shows the brick Spalding building in the background, to the west on Pacific Street.)

After all, nothing has been built, and the property for sale/lease would directly border the site of Building 15, which would first serve as a staging area for arena construction, should it go forward, and then, in four years or more, become the home of a 272-foot tower. It could take decades, if ever, to build the towers in Phase 2, east of the arena block.

In other words, anyone living or working at that location had better bring earplugs.

(Click on graphics to enlarge)

Three properties

The three parcels include one vacant lot and two existing two-story buildings totaling 15,400 total square feet. The current development rights allow for 60,000 square feet, or four times as much development.

The empty lot is located next to the Newswalk building at left in the photo below (which I took more than four years ago), and the adjacent two light-colored buildings are also for sale/rent. The three-story building at right would be demolished for the staging area and Building 15. (Here's more regarding that section of Block 1128.)

As of now, the owners have not sold the building to developer Forest City Ratner, so, if the Atlantic Yards project goes forward, it would be taken via eminent domain.

Blight

As I've pointed out, the state passed on the opportunity to declare the vacant lot blighted, since it wasn't included in the Atlantic Yards footprint, even though elsewhere in the footprint a vacant lot is per se blighted and the project aims to remove blight.

Why not? Likely because Forest City Ratner didn't need it for its plan.

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