Monday, November 04, 2013

More on 700 Atlantic Avenue: it's been marketed as "Brooklyn's Premier Venue Space" and claimed to be outside Atlantic Yards footprint

Here's an addendum to the article I wrote last week for the Commercial Observer about plans for The Factory, an event space at 700 Atlantic Avenue that was to host a Halloween rave but saw it canceled.

First, there's still no response from the promoter to queries from ticket buyers, despite a promise that a statement would be made as of last Monday.

Second, a web search suggests that, at some point, another EDM (electronic dance music) event was planned for 11/16/13, as indicated in the screenshot below right.

However, the Facebook page no longer lists a location for the event.

Also, as indicated at left and below, a firm Greenstone Realty has been marketing 700 Atlantic as "Brooklyn's Premier Venue Space," offering over 60,000 square feet over four floors for long-term lease to retailers, restaurateurs, and entertainment promoters.

The promotional material understandably stresses the proximity to the Barclays Center and to the adjacent transportation hub.

Not part of Atlantic Yards?

It also fudges the relationship of the site to the Atlantic Yards project. The second screenshot below contains a map that suggests that 700 Atlantic Avenue is adjacent to but not within the Atlantic Yards footprint.

Actually, it's very much within the site, and is subject to eminent domain in a second round of condemnations. After demolition of the building and the adjacent one, as well as construction of a deck for the adjacent railyard segment, three towers would be build on that block

However, 700 Atlantic may be in a reasonably long limbo, given the cost of a deck and Forest City Ratner's plans to build over the surface parking lot first. So when the new owners purchased the property last year, they knew it had value in the interim, even if they couldn't estimate how long.






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