It’s been three months since we got a first look at what’s coming to 11 Hoyt Street in Downtown Brooklyn. Now, construction is starting to rise above street level. The latest images from Tectonic reveal that the building has reached its sixth floor, just shy of one-eighth of the eventual total floor count. At this point, no elements of the distinctive design from the renderings are visible. The 51-story condominium tower is being designed by Studio Gang, a Chicago-based firm. This will be their first residential building in New York City.
Today, YIMBY has the exclusive first look at renderings of 1 Flatbush Avenue’s interiors and exteriors. The structure, triangularly shaped at the intersection of Flatbush Avenue and Fulton Street, will be adding new rental apartments to Downtown Brooklyn, 20% of which will let at affordable rates. Slate Property Group and Meadow Partners are responsible for the development.
While YIMBY normally covers aggregate new building applications on an annual basis, this year, we have released our first mid-year pipeline report, and the results are surprisingly positive. After two years of declining applications following the frenzies of 2014 and 2015, the preliminary numbers for 2018 appear to be signaling a major uptick in activity. Year-over-year filings of new residential units have grown substantially, rising from 9,134 in the first six months of 2017, to 15,305 in 2018 — an increase of 67.5%.
In the heart of downtown Brooklyn, just off of Flatbush Avenue and adjacent to the City Point complex, One Willoughby Square, also known as 1WSQ or 420 Albee Square, is now on track to become the tallest Class A office tower in Brooklyn. A $235 million construction loan has now been approved and secured from Otera Capital, a Canadian real estate lending company. JEMB is the developer of the upcoming office project.
Construction at Extell’s 138 Willoughby, aka Brooklyn Point, is moving along quickly, with concrete now at the tenth floor. Once opened, the skyscraper will complete the City Point mega-development in Downtown Brooklyn. The mixed-use multi-building expansion has already produced two residential towers and a 600,000 square foot retail space with a food market, grocery store, event space, and movie theater.