The Urban Land Institute New York (ULI NY) award ceremony was on April 10th, and a few of our very own buildings were among the winners (emphasis theirs):
Some of this year’s winners from Brooklyn included Dumbo-based Two Trees Development, which nabbed the Excellence in Market-Rate Housing Development award for their breathtaking 300 Ashland building, which is already being regarded as iconic as part of the BAM Cultural District.
Acadia Realty Trust and Washington Square Partners, which took the Excellence in Retail Development Award for their City Point project, 10 City Point just off the Fulton Mall and Flatbush. The development features among other retailers, a Target, a Century 21, a Trader Joe’s and the most happening food court in Brooklyn.
While I can’t personally speak to the “market-rate housing” award (sure they had 76 affordable housing units, but otherwise is >$2,000/month for a studio “market rate”?), the building is beautiful. Especially compared to the monstrosity that’s coming to 9 Dekalb Ave.
And the Excellence in Retail Development Award for City Point is well-earned. After opening last year, City Point quickly became the place in Brooklyn. Dekalb Market has all the food one could ever want, and the Target/Trader Joe’s/Alamo Drafthouse combo is killer.
But the development in Downtown Brooklyn has only just begun. And it remains to be seen how the neighborhood will turn out. Will all these developers be able to find renters for these high-priced luxury apartments? Or will we see prices drop, or units empty for years?
What do you think?
Not sure why all these developers keep building luxury apartments here. At least a few of these new buildings should have regular apartments for regular people.