Atlantic Yards/Pacific Park Report

See collected coverage of M-CROWN rezonings:  click here . It seems clear, from the examples of 1010 Pacific Street and 1050 Pacific Street , that the upside after a rezoning in the M-CROWN district is huge. The applicants sold the properties for, in the first case, 2.4 times the land cost, and, in the second, 21 times the value of the properties' mortgages. There are two pending projects: 870-888 Atlantic Ave., and 1034-1042 Atlantic Ave., in Prospect Heights and Crown Heights. We don't know the cost of the land because, in the first case, the transaction hasn't been consummated and, in the second, the developer claims ownership but won't disclose details (and it's not in the city's ACRIS database). Based on the Pacific Street examples, the two pending rezonings might be worth between $29 million and $50 million, subject to a downward adjustment based on the provision of deeply affordable housing, under the city's Mandatory Inclusionary Housing (MIH), an...

So, when I wrote  6/28/21 about plans for the proposed 17-story, 175-foot 1045 Atlantic Avenue tower near Franklin Avenue, I neglected to check for an upcoming Community Board 3 hearing to advance an effort to change low-rise manufacturing zoning to far more lucrative residential zoning. From Environmental Assessment Statement: version proposed at 175 feet tall And it turns out that project is moving along quickly, able to accelerate in the city's land-use review--and get to the City Council, with a favorable local Council Member, Robert Cornegy--before the end of the year, rather than roll over to a new Council. Plans For All-Electric Apartment Tower In Bed-Stuy OK'd By Board , Patch reported 6/29/21, informing us that this was "according to developers." YIMBY on 7/1/21 gave us  Community Board Unanimously Approves 1045 Atlantic Avenue In Bed-Stuy, Brooklyn , not citing a source. The publications didn't have a reporter watching the online hearing, but rather rel...

The march of proposed development along Atlantic Avenue east of Atlantic Yards/Pacific Park continues. I have an article in Bklyner today headlined Another 17-Story Building Proposed for Atlantic Avenue, Near Franklin Ave. Shuttle, This Time in CB 3 . There's lots interesting there, including the confounding possibility--at least as disclosed in the Environmental Assessment Statement prepared by the developer--that the "affordable housing" will go to higher-earning households than the market-rate apartments