Can you imagine being the bank that financed buildings like Forte (near Fort Greene but technically/zoning wise downtown Brooklyn) or The Azure in Clinton Hill or 111 Stueben near Pratt? What are the odds you’re getting back your principal + interest? I wonder if they sold that debt to some other unlucky investor?
Here’s some interesting commentary discussing the current state of the real estate market and it’s implications for the future. Luckily the historical nature of the neighborhood has created zoning which keeps these glass boxes out of the immediate vicinity. That being said, Forte, 80 Dekalb, Oro, Avalon Fort Greene and others sprouting up nearby so the commentary is definitely applicable to the neighborhood.
What will happen to these buildings? Will they remain barely occupied? Will they become targets for vandalism and crime? When will developers (such as the Clarett Group) begin the fire sale necessary to move units? When will the banks financing these deals force their hand?
Could there be a more socially beneficial use of what will most likely continue to be an empty building for the foreseeable future?
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