Last week, Extell Development acquired the last development site of the CityPoint project at 138 Willoughby Street, in Downtown Brooklyn, in a $115.5 million deal. Extell is technically leasing the 21,500 square-foot site, and the developer is planning to construct a 665,000 square-foot mixed-use tower. A four-story, 65,000 square-foot retail base is part of the deal, and Washington Square Partners and Acadia Realty Trust will own that portion.
New York City’s infrastructure crisis stems from many issues, but one of the biggest problems in maintaining and expanding the city’s arteries are construction costs, which have ballooned into a stratosphere of unknown numbers and complete non-transparency on the part of city agencies. But now YIMBY has obtained data showing that salaries are up to 177% higher for unionized employees of contractors performing public works projects and building service work for government agencies than the prevailing wages of their respective private industry counterparts.
Hunts Point was once the byword for disinvestment and abandonment, but the peninsula along the South Bronx waterfront is finally beginning to see some new growth. One of the neighborhood’s empty lots, at 629 Faile Street, may soon sprout two new four-story apartment buildings.
Brookland Capital is building more than 50 rental and condo projects throughout Brooklyn, and now they’re expanding south into Flatbush with this attractive seven-story apartment building at 88-92 Linden Boulevard, between Bedford and Rogers Avenues.
The proposed East New York rezoning is already drawing new development to the area near Broadway Junction, like a new hotel planned at 100 New Jersey Avenue in the shadow of the elevated J train tracks in Cypress Hills, East New York’s northern section.