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| Re: Development plans for Sheepshead Bay station plaza (789289) | |||
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Re: Development plans for Sheepshead Bay station plaza |
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Posted by trainsarefun on Mon May 25 15:00:40 2009, in response to Re: Development plans for Sheepshead Bay station plaza, posted by Dan on Sun May 24 16:32:53 2009. Nothing will be done there until the real estate market recovers.I am inclined to agree strongly; no details on the financing, which is all important given these interesting times. My guess is that they want prospective tenants to sign on, which will then help the developers to secure financing. Unless it's a no financing deal, which would be rare, although not unheard of, e.g., a few weeks ago, there was a sale of a few buildings in Glendale, 70+ units, for $8+ million, no financing. My guess is that anything that tall would require a zoning change which would also be fought by the community. I really don't know much about the surrounding community and their attitude, although generally something this large would be provocative, yes. It looks and sounds - we are short on details - as though the developers will be relying on various tricks of zoning law to increase the maximum allowable height beyond what it would otherwise be. Of course, now that they have unzipped their fly, they are vulnerable to a rezoning. Earlier this year, New York County Supreme Court Justice Nicholas Figueroa rejected a challenge by developers to a rezone in the Rockaways that will hamper development if upheld. |
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