Downtown Brooklyn s second act: Q A, part I Forest City’s MaryAnne Gilmartin and RXR’s Seth Pinsky offer their takes
From the May issue: The buzz surrounding Downtown Brooklyn’s skyline has lately reached a fever pitch. Last year, JDS and the Chetrit Group unveiled plans to build Brooklyn’s tallest tower, a 73-story residential skyscraper that would be twice as high as anything surrounding it. The investment represents a stark contrast to where the neighborhood was just over a decade ago.
“People considered the ZIP code to be socially unattractive, as opposed to a community that offered a diversity o阿爱上海同城 f culture,” said MaryAnne Gilmartin, president and CEO of Forest City Ratner, which owns the downtown MetroTech Center and is building its Pacific Park development adjacent to the area.
Since a 2004 rezoning, nearly 41 million square feet has been built or is in the works in Downtown Brooklyn.
Most of that has been residential, but attention is now expanding to the office market. In November, the developer of 420 Albee Square, JEMB Realty, scrapped its plans to build 上海贵族宝贝论坛 a residential tower and will instead switch to office. “We’re no longer relegated to the back office tenant,” said Albert Laboz, principal of United American Land. “Now we’re getting primary tenants who are the creative, TAMI crowd.”
The Real Deal asked a panel experts to weigh in on the Downtown Brooklyn real estate market. Read on for the first web installment with MaryAnne Gilmartin of Forest City Ratner and Seth Pinsky of RXR Realty.
President/CEO, Forest City Rather
The neighborhood’s rezoning in 2004 has been credited with spurring tremendous development. But it was largely driven by residential development. Why did that happen?
Downtown Brooklyn’s rezoning went in a completely different direction than was planned. I don’t think anybody, including Forest City, ever imagined the residential market would kick in like it did. We thought we’d see a third central business district thrive and an expansion of the office market as a result of the zoning, but that didn’t happen. It started with the food movement and then the artists. They all flocked to Brooklyn. Certainly, government policies, including the allowance for taller buildings to spur the office market, allowed for market forces to respond so that residential development took over.
What kind of buyers and renters are flocking to Downtown Brooklyn and how has this changed over the last few years?
It’s really about the spread when living上海龙凤论坛sh1f in Brooklyn versus Manhattan. When you are hearing about the marking down of condominiums originally priced at $40 million or $50 million, that is not the real world. If interest rates continue to stay low and jobs continue to be created, city dwellers will have the financial security to buy in the city. If you look at the $1,500-per-square-foot condo in Brooklyn then look at what’s available in Manhattan, there is such a stark comparison. For the same quality you[……]