Even more luxury apartments coming as Jay Group scores $105M loan

Neighborhood

By

-

April 24, 2025

Screenshot of Google Maps with five buildings starred to show their locations. All are just east of Flatbush Ave at or around Willoughby St — Screenshot of Google Maps

Sure, the west side of Flatbush has a huge selection of new luxury apartments. But what about the east side?

The Jay Group has that covered! They filed plans for five new buildings alongside Flatbush Ave in 2024, with construction already underway for two and two more just securing a new $105M loan, according to The Real Deal.

These five units are the first in the neighborhood to take advantage of the new 485-x tax incentive, which started in June 2022 and replaced the previous 421-a program.

There are a few key differences with the new 485-x program, including:

Duration: 485-x offers up to 40 years of tax benefits (35 years plus 5-year phase-out) compared to 421-a’s maximum of 35 years.
Rent Stabilization: 485-x locks affordable units into permanent rent-stabilization, compared to a 35-40 year lock-in under 421-a. However, market rate units are no longer stabilized
Wage Requirements: 485-x imposes a $40 per hour floor in terms of worker pay for projects with 100 units or more

The changes are subtle and the reaction from builders lukewarm—Real Estate Board of NY (REBNY) called it less productive due to the higher wage requirements and permanent rent stabilization. But for residents who can snag an affordable unit, they’re set for life (unless they need another bedroom or want to leave the city).

The Jay Group’s new loan, as part of it’s planned five-building luxury project in Downtown Brooklyn, kicks off the new wave of development in the neighborhood after a sharp fall in permit filings after 421-a lapsed.

I always sort of felt like developers were trying to turn Downtown Brooklyn into Brooklyn’s Tribeca. Each year, it’s starting to feel more and more like that’s coming true.

Albee Square getting even more food options with new Fresh Grocer

Neighborhood

By

Dann Berg

-

April 19, 2025

0

EDIT: This is apparently in addition to an Lidl discount grocery store that’s scheduled to move in right across the street (490 Fulton Street). When it rains, it pours!

If you live near Albee Square, your bountiful food options are getting even more bountiful. Signs just popped up in the window announcing a forthcoming Fresh Grocer store coming in “fall 2025.”

This is in addition to the adjacent Trader Joes and Target right across the street. As well as the Brooklyn Fare (Hoyt & Schermerhorn) and the NYC Fresh Market (Flatbush & Myrtle) just a few short blocks away.

So, what can we expect from this new grocery store? More high prices, from what I’ve been reading:

The Fresh Grocer is a high-end grocery store chain with 17 locations in Pennsylvania, US. The store prides itself on providing high-quality FDA approved products to shoppers, despite being on the higher end of the price spectrum. The Fresh Grocer offers a wide variety of products that cater to the needs of every shopper, with a focus on quality over quantity.

It sounds like The Fresh Grocer is more in line with Brooklyn Fare than more traditional chains like Key Foods and Pathmark. Which, I guess, is fine. I supposed that’s to be expected, given the prime location.

Speaking of “prime location,” OGs will remember when this spot was a Game Stop, until that location moved further down Fulton Street in 2017.

A Game Stop retail location on the corner of Fulton St and Albee Square. It's a screenshot from Google Maps, taken in October 2014. — Photo from Google Maps, captured October 2014

If that photograph feels wild to you, do yourself a favor and give yourself a tour of the neighorhood on Google Maps, and then travel back in time.

I highly suggest the view from Flatbush before any of the highrises were built. It’s amazing how much this neighborhood has changed since the 2003 re-zoning.

Aaaannnnyway, groceries.

Brooklyn Tower is basically a giant slug

Neighborhood

By

Dann Berg

-

March 12, 2025

0

Some people look at Brooklyn Tower—the supertall skyscraper in Downtown Brooklyn—and see the Tower of Sauron. To me, it’s more like a giant slug with movement so slow it’s nearly imperceptible.

Construction started in 2018 (earlier, if you count the demolition of the previous building) and residents started moving in in 2022. But slow sales caused JDS Development to default on its loan, stalling construction on this eye-catching building. Silverstein Capital Partners took over the building last summer in a $672 million foreclosure settlement and sales are re-lauching soon.

The reason for the slow sales, according to both real estate experts as well as common sense: outrageously high prices. We’ll see if the cost of the condos gets a haircut in this next round of sales.

As for those now living in the building? They’re apparently pretty happy:

The handful of owners I talked to — buyers, many on the younger end of the spectrum, range from consultants, doctors, and finance types to anonymous LLCs — seems to be floating above the industry chatter. Adam Chang’s…got “quite nice” views of Fort Greene Park and the New York Harbor from his Gachot Studios–designed unit, he says, and has been a regular at the Trader Joe’s across the street. He loves the “super-friendly” building staff, who have helped him move furniture and even haul a fridge up to his apartment. As to the dozens of unsold units sitting empty just a few stories above him? “There’s fewer people in the elevator, but I don’t know who’s complaining about that”…Life in a supertall ghost town has some other unexpected perks, residents say. Nosy neighbors have been able to poke around unlocked units, snooping to see how their views compare with the penthouses’.

Just one question: “haul a fridge” up to his apartment? Is it normal for luxury condos to sell sans fridge? Or was he just upgrading his stock refrigerator?

Remembering DoBro’s many department stores

Neighborhood

By

Dann Berg

-

January 29, 2025

0

As an ode to the soon-to-be-closing Macy’s on Fulton Street in Downtown Brooklyn, Brownstoner has a wonderful article describing the history of “dazzling emporiums” that once lined these streets.

From Susan De Vries:

The retail corridor has certainly seen change over the centuries, and the recent announcement that Macy’s would be closing its Fulton Street location brings to mind some of the other stores that have disappeared from the street. We’ve dug into the 20-year catalog of Brownstoner stories on the borough’s history and built environment and rounded up eight tales of dazzling emporiums that once graced Downtown Brooklyn.

Internet shopping absolutely destroyed the public’s need for these giant one-stop-shopping destinations. The closing of Macy’s is both understandable and sad.

One thing is for sure: change is constant.

I still think our neighborhood could use a good bowling alley. These giant open spaces would be perfect for that. Instead, I imagine this property will just sit vacant indefinitely. Oh well.

Beloved abolitionist Landmark finally getting much-needed stabilization work

Neighborhood

By

Dann Berg

-

July 15, 2022

0

Stabilization work at abolitionist 227 Duffield Street — Photo by Susan De Vries

Downtown Brooklyn played an important role in the underground railroad and the larger abolitionist movement. Most of those relevant neighborhood locations have been torn down (many in the past decade). But there’s one building that survived — 227 Duffield Street — and has since been granted landmark status and promised some much-needed stabilization work. Brownstoner recently spotted some construction workers at the site, meaning that work may be moving forward:

Workers were busy at the beleaguered former home of 19th century abolitionists in Downtown Brooklyn when Brownstoner stopped by Monday — a possible sign that stabilization of the landmarked but neglected building might be inching forward.

With all the history of this building (and the street), I’m happy that at least one location will remain standing amongst all the new construction.

The Downtown Brooklyn neighborhood has changed so much over the past decade and a half, and Duffield Street is one of the most striking illustrations of that change.

If you’re not familiar with the how this neighborhood used to be, you should take a step back in time to 2009 using Google Street View. Take a look around at block full of Brownstones and (relatively) short buildings. Then travel through the years using the navigation panel in the top left to watch it transform into the street we know today.

Duffield Street in 2009 from Google Street View — Photo via Google Street View

I’m looking forward to the day when we can finally see a clear view of 227 Duffield Street, unblocked from all the construction work. Much like the remnants of the old “Cafeteria” sign on Fulton, this building will be a singular glimpse into the past in a neighborhood that’s otherwise unrecognizable.

Aerial view of the Dekalb/Fulton/Flatbush triangle

Neighborhood

By

Dann Berg

-

March 15, 2021

0

I discussed the demotion that’s happening at the triangle between Flatbush Ave, Fulton Street, and Dekalb Ave in a prior post, but didn’t have this super-cool aerial view at the time.

I know that Redsky Capital own the lot that’s at the bottom of hte photo, closer to Albee Square, but I’m not sure about the lot along Flatbush Ave. I assume they own that, too?

If both lots are owned by the same company, I imagine there are quite a few stories about trying to purchase that middle section that’s still in-use.

I’m super curious about what’s going to happen here. I really like how open Albee Square feels without any building there, but I imagine that we’ll get another skyscraper in there soon enough.

It’s a good lot own, since the old Dime Savings Bank (the dome you see in the bottom left of the picture) is landmarked, so air rights are already protected.

New York City takes top honors for most car-congested city

Neighborhood

By

Dann Berg

-

March 10, 2021

0

Brooklyn Queens Expressway Traffic — Photo by Rachid H

From the New York Post:

New York City roads also accounted for the second, third and fourth most congested in the country, according to INRIX’s analysis — with the Brooklyn Queens Expressway from I-145 to Tillary Street, the Cross Bronx Expressway west of the Bronx River Parkway, and the BQE between 38th Street and Downtown Brooklyn taking the dubious honors.

We win!

But seriously, this shouldn’t be a surprise to anyone. An obscene number of people got cars during the pandemic. We’re going to feel that for years.

Tallest Office in DoBro set to open amidst uncertain rental market

Neighborhood

By

Dann Berg

-

March 2, 2021

0

One Willoughby Square office building — Photo from 1wsq.com

One Willoughby Square is certainly impressive. The architecture so striking that the architecture firm that designed is has leased three floors in the building. So far, they’re the only tenants.

But the fact that the firm that designed the building is leasing space is definitely part of the marketing story for the building. In fact, the New York Post has a full story on that fact.

FXCollaborative, previously known as FXFowle, is the anchor tenant at JEMB Realty’s nearly-finished One Willoughby Square in Downtown Brooklyn. The 34-story, 500,000 square-foot structure next to the DeKalb Avenue subway hub is the borough’s tallest new office building and scheduled to open later this year.

“We’re not just the tallest in the borough but the best-in-class asset in Brooklyn,” JEMB principal Jacob Jerome cheerfully boasted.

The entrance to the building is on Albee Street, right across from the entrance to City Point, providing easy access to Target, Trader Joes, and the Alamo Drafthouse (someday…). The location is also right next to the future Willoughby Square Park, which will exist someday, right?

Downtown Brooklyn was originally conceived as an office hub, similar to the Financial District in Manhattan. At least that was the original vision when the neighborhood was re-zoned. Instead, residential after residential building has popped up instead. One Willoughby Square is the first big new office complex (aside from Jay Street Metrotech, which has existed for a while).

The neighborhood is idea for commuting, with nine subway lines nearby, many of which are a single stop or two out of Manhattan.

But the Post buries what I feel is the real lead:

FXCollaborative is the only office lease so far.

Oof. I may be misremembering, but I think that lease deal was in place before the pandemic started.

I think a lot of people are just waiting. Waiting to see how this all shakes out. With more and more companies telling their employees to work from home indefinitely, even the companies that want a “home base” are waiting to see how things shake out.

Will offices of the future look like offices of the past? Will people only come into the office a couple days a week? If so, how will offices change to adapt?

Office leases, unlike apartment leases, are usually for 5+ years or more. They also involve working with contractors to design the ideal layout for your business. Whenever everything about working in an office is up in the air, it’s no wonder the market is soft.

I’m personally optimistic for office working, and for One Willoughby Square. I love working in an office. But not everyone is of the same opinion. And we’ll have to see how things shake out.

NYC cinemas to re-open in March, Alamo Drafthouse a little later

Neighborhood

By

Dann Berg

-

February 25, 2021

0

Gov. Andrew Cuomo has given the thumbs up for cinemas in New York City to re-open on March 5th at 25% capacity. It’s been nearly a full year since they (and everything else) shut down.

It might, however, be a bit longer before Downtown Brooklyn’s Alamo Drafthouse is open again. The Baltimore Sun reached out to a spokesperson:

We don’t believe we’ll make it by March 5th — there’s a lot to do — but we look forward to reopening City Point [in Brooklyn] as soon as possible, and we’ll make plenty of noise when we do.

I miss the Alamo Drafthouse. I can’t say I’d personally be comfortable sitting in a theater as soon as March, but it feels like that time is getting closer and closer. Maybe this year? I guess it all depends on the vaccine rollout. And of course how all these variants play out.

Our Alamo Drafthouse was in the middle of a huge expansion, and I haven’t heard anything about the status of that project. Was it delayed due to the shutdown, or did they get everything finished? I guess only time will tell.

Former “Cafeteria” signage peeks through on Fulton Mall

Neighborhood

By

Dann Berg

-

February 15, 2021

0

It’s always cool when a piece of the past pokes through to the present.

I noticed the half-sign a few weeks ago when walking past with my wife, but didn’t know what I was looking at, at the time. Thanks to Brooklyn Paper, I now know that it’s the site of a former Waldorf Cafeteria that operated at the corner of Fulton and Jay street.

With the removal of an old Metropolitan Dental Associates banner, the vintage “TERIA” (part of “CAFETERIA”) as well as most of an apple logo is now showing.

Removed dental associates sign — Old sign that was removed to expose history.

A jump into the NYC tax photo archives gives us a few of what this block looked like back in 1940, when the Waldorf Cafeteria lived next to a very prominent Bond Clothes suit store (now Ann Taylor).

That cross street intersection is full of history that pokes through to the present, as diagonally across the street is the historic Gage & Tollner restaurant, although that’s a much sadder story. First opened at that location in 1892, Gage & Tollner was the restaurant in Brooklyn for decades. It started struggling in the 1970s, battling against a changing city, and eventually closed in 1994. A few unsuccessful tenants moved in (T.G.I. Friday’s, Arby’s, and a costume jewelry store to name a few) before it was finally purchased by three restauranteurs with a plan to restore it to its former glory. There was a wildly successful marketing campaign (starting with a crowdfunding campaign and resulting in tons of press coverage).

Gage & Tollner was poised to re-open as a restaurant about a week after the pandemic lockdown started, and as a result never got to open their doors. I even had reservations for my birthday at the end of March that never ended up materializing.

There’s still hope of Gage & Tollner re-opening after the pandemic, and I certainly hope it does. As for the re-opening of the Waldorf Cafeteria, I’m much less optimistic.