Posted Apr 23, 2014, 6:51 PM
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Homo sapiens sapiens
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Join Date: May 2012
Location: 3rd planet from the Sun
Posts: 1,665
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NEW YORK | 386 Flatbush Ave Ext | FT | FLOORS
Crain's NY:
50-story tower could sprout on Junior's site
BY JOE ANUTA
APRIL 23, 2014 12:21 P.M.
JPMorgan Chase is thinking about selling the air rights associated with its two-story property at 9 DeKalb Ave. in downtown Brooklyn.
Photo by CoStar Group Inc..
Quote:
JPMorgan Chase is weighing the sale of air rights on its landmarked branch in downtown Brooklyn to the developers of a site next door. The sale could pave the way for the rise of one of the tallest towers in the booming neighborhood.
The bank, which declined to comment on its plans, owns the turn-of-the-century, neoclassical building at 9 Dekalb Ave., a two-story property with hundreds of thousands of square feet of untapped development rights above it. Those rights could come in handy for whomever ends up buying the site next door, the longtime home of one of Brooklyn’s most famous eateries, Junior’s.
“Every developer in New York City is looking at this,” said Stephen Palmese, partner at Massey Knakal Realty Services, the firm selling the Junior’s site at the corner of Dekalb Avenue and Flatbush Avenue Extension.
The purchase of JPMorgan Chase’s air rights could pave the way for a roughly 385,000-square-foot tower on the Junior’s site, with as many as 50 stories. That would be just three stories shorter than the borough’s current record holder, the 53-story tower at 388 Bridge St., and one below the 51-story Brooklyner at 111 Lawrence St. The new building would likely house residential units and/or a hotel.
[...]
While the Junior’s site is technically in the section proposed for commercial development, the demand for residential units downtown has skyrocketed during the latest real estate boom, pushing the price for development sites from about $50 per buildable square foot to about $350 in just the last three years, according to Mr. Palmese.
Robert Knakal, chairman of Massey Knakal, predicted in February that the parcel would fetch a record price per square foot, according to The New York Times, and with the possibility of adding air rights from the bank branch next door, that assertion only seems more likely.
Junior’s owners, meanwhile, have vowed to continue operating their restaurant in whatever building replaces its current digs.
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Let NYguy determine if this is enough for a proposal
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