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505 St. Marks. Compare supermarket brings in the builders!? - Page 3 — Brooklynian

505 St. Marks. Compare supermarket brings in the builders!?

13

Comments

  • whynot_31
    whynot_31
    edited August 2014
    Another floor this week. Now taller than its building on its left.


    image
  • whynot_31
    whynot_31
    They have been busy:

    image
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    image
  • whynot_31
    whynot_31
    edited September 2014


    image

    Based on the above rendering, it looks like the next two floors are set back from the others at the far left and right of the building.      But we still have 2 more stories of height to go.
    image
    image
  • whynot_31
    whynot_31
    I believe they only have one more floor to pour.

    image
    image
  • whynot_31
    whynot_31
    It didn't get a picture today, but it appears that the building has now reached its terminal height.   

    (just add another floor to the above photo)

    If one looks very closely, one can already see the beginnings of plumbing and electrical work on the lower floors. 

    One should note that this building is being developed by the same firm (Realty Within Reach) that is constructing the large apartment building at 1515 Bedford, the site of the former theater/church:

  • whynot_31
    whynot_31
    edited March 2015
    Apartments available in Spring 2015?
    image
  • whynot_31
    whynot_31
    Cement work is now complete. Studs for the partition walls for floors 1 - 4 are visible. Electricians and plumbing contractors are now on site.
  • whynot_31
    whynot_31
    edited December 2014
    They have enclosed the building to the degree that they can continue to work in all weather.       We might see listings in May.

    image
  • whynot_31
    whynot_31
    edited March 2015
    We are now seeing the styrofoam layer go on the facade. Rough plumbing and electrical is believed to be finished.

    image
  • bkarchitect
    bkarchitect
    I'm curious what people think of the new building?
    Personally, I think it's out of scale for the block and not attractive at all.
  • whynot_31
    whynot_31
    edited March 2015
    This is certainly not my favorite new building going up in the area.

    I do think the building being planned for Dean and Franklin will be more attractive, and provide nicer, more expensive units.

    It will likely be in place by 2018.

    http://www.brooklynian.com/discussion/45145/the-part-of-the-old-brewery-that-is-becoming-a-huge-complex-franklin-dean#Item_40
  • crownheightster
    crownheightster
    I'm not a fan of the aesthetics. However, it's not like that block had much going for it in the first place.
  • ehgee
    ehgee
    The massing isn't half-bad. Definitely better than the 1970s nurses' dorm type thing next door.We'll see how the facade materials look. Hopefully better than that grimy formerly-white 3-year-old building across the shuttle tracks, or Doctor Butt's vandalized tenement.  
  • naturegirlbk
    naturegirlbk
    Just confirming..this is going to be rentals, correct?
  • whynot_31
    whynot_31
    Yup. 128 of 'em.

    All Market rate.
  • whynot_31
    whynot_31
    press:  http://ny.curbed.com/archives/2015/04/27/newest_crown_heights_rental_building_gets_its_windows.php
  • whynot_31
    whynot_31
    Windows in. Facade near complete. image
  • crownheightster
    crownheightster
    Meh.
  • atomische
    atomische
    Is that flooring?
    Construction Report
  • dac545
    dac545
    Looks more like a bed..
  • whynot_31
    whynot_31
    edited May 2015
    Multi purpose.

    BTW, this development is in the process of seeking a 421-A tax credit, a program that does not presently require an affordable housing component, but advocates want to adapt it to require same.

    Said advocates don't have much of a shot: http://therealdeal.com/blog/2015/05/28/de-blasio-calls-out-cuomo-for-stalling-on-421a/
  • whynot_31
    whynot_31
    More photos of the construction workers, from @atomische :

    https://m.flickr.com/#/photos/atomische/sets/72157644234295981/
  • capt. planet
    capt. planet
    edited June 2015
    To get 421A exemption.within the exclusionary zone, the applicant does indeed have to have an affordable component to his building.   To pay for the affordable units, the developer is given a larger building envelope.  Under the leadership of then Assembly leader Vito Lopez, the exclusionary zone was expanded several years ago to include much of Brooklyn, including Crown Heights.  The exclusionary zone was sections of the city where 421A tax exemption was considered unnecessary to spur housing development.  Areas outside the exclusionary zone were areas where market rates were considered too low to support development without getting the special tax exemptions available with tax abatements available under 421A (for new development) and J-51 (for renovation of existing buildings).  Outside the exclusionary zone, which included Crown Heights until recently, 421A abatement was given more or less "as of right" for anyone developing new housing.   In the exclusionary zone, to get 421a abatement, you need to provide 20% of the units at rents considered affordable.  What's affordable is defined by the City as as percentage below the area median income, which is set annually by HUD.
  • whynot_31
    whynot_31
    edited June 2015
    This building is outside the exclusionary zone, right?   If so, then I am only willing to amend my statement to: 

    "BTW, this development is in the process of seeking a 421-A tax credit, a program that does not presently require an affordable housing component IN THIS LOCATION, but advocates want to adapt it to require same."  

     Until then, developers are foolish to not seek a 421A on lots such as this:    

    --> The program provides them tax benefits without an obligation to construct affordable housing on it.    The program does not require them to create affordable housing somewhere else in exchange for accepting the benefit here <---   

    We shall see if the affordable housing advocates can change this. 
  • capt. planet
    capt. planet
    The building is within the exclusionary zone, as amended by Vito and gang.
  • whynot_31
    whynot_31
    edited June 2015
    Cool.

    So, the building will include 26 affordable units (128 total units x .20) if the developer is offered rents and the income ranges that make it worth their while to accept the tax benefits inherent in 421A.

    Do you know how long the developer has to haggle with the various gov agencies involved and ultimately make the decision? 

    As I understand 421A, the credit usually lasts 10 years, and that the affordable apartments become market rate after this period.

    http://streeteasy.com/blog/what-is-the-421a-tax-exemption/

    As a result, the news that this building is within the exclusionary zone and is in the process of pursuing a 421a doesn't make me very happy OR sad.   


  • capt. planet
    capt. planet
    If you wanted lower rents in a new building, it would make you happy.  But only if you were very lucky and won the lottery, as there will be many applicants.

  • southeast
    southeast
    YIMBY: Construction Update: 505 St Marks Avenue, Crown Heights http://newyorkyimby.com/2015/07/construction-update-505-st-marks-avenue-crown-heights.html

    "seems likely to finish by the end of 2015."
  • whynot_31
    whynot_31
    Facade is now 90% complete. The apartments still need drywall, kitchens, and finishes.

    image
  • whynot_31
    whynot_31
    edited November 2015
    The drywall appears installed in the units. In addition, many units appear painted and have ceiling light fixtures.

    I suspect "we" are now getting appliances and awaiting the Certificate of Occupancy.

    We could see listings in Jan 2016. Occupancy in February.
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