News - 2007
Developers unveil plans for mixed use Brooklyn project
June 27, 2007
"A prominent team of local and national real estate investment and development firms, with expertise in beneficial urban renewal, has acquired the leasehold interest in The Gallery at Fulton Mall and an adjacent parking garage in Downtown Brooklyn from Thor Equities…"
Downtown Change Continues, From 16 Court St. to Albee Square
June 25, 2007
"The development of the Albee Square site will total more than one million square feet, but for now, there have been some changes in how that space is gong to be used. There will still be 125,000 square feet of office space, but the number of housing units has been reduced from 900 to 650. Still, this is the largest number of new housing planned for Downtown Brooklyn in a single structure. The amount of retail space has been gut from 600,000 square feet to 475,000, still a very large parcel."
REITs pouring investment into dense urban corners
May 31, 2007
"One of the most active investors in the urban redevelopment of downtown Brooklyn, the Bronx , and Manhattan is Acadia Realty Trust. On February 23, the real estate investment trust announced that it has entered into an agreement for the purchase of the leasehold interest in the Gallery at Fulton Mall and the adjacent parking garage in downtown Brooklyn for $120 million through its Fund II New York Urban-Infill Redevelopment initiative with PA Associates and Paul Travis of Washington Square Partners….Acadia-PA –Travis, a majority partner, together with MacFarlane, will develop and operate the retail component, which is anticipated to total 535,000 square feet of prime shopping space."
Developing Ports of Many Modes
May 23, 2007
"The iPort International Trade and Logistics Center is being built on the site of a former landfill in Carteret, NJ."
Fordham Place builders begin work on major 14-story office/retail complex
March 22, 2007
"Elected officials and local business leaders joined the developers of Fordham Place on Thursday, March 15, to break ground on the 14-story office and retail complex planned for the corner of E. Fordham Road and Webster Avenue."
Sears to reopen at Fordham Place, joining Walgreens, Best Buy
March 1, 2007
"The Sears at 400 E. Fordham Road closed its doors for the first time in 70 years in early February to accommodate the construction of a historic 14-story office and retail complex called Fordham Place. But the department store will return as the complex’s first tenant next year."