20 Bayard Files for Bankruptcy

In a move that stunned real estate executives and residents of the building, the sponsors of 20 Bayard Street in Williamsburg filed the condominium into Chapter 11 bankruptcy protection late [Friday] afternoon… According to documents filed in U.S. Bankruptcy Court in Brooklyn, the condo by North Development Group owed more than $10 million to more than 50 creditors.

The building is roughly half sold, with the remaining units rented out by the developer.

And I still think the reason the building hasn’t sold is because no one can figure out how to get into it.

Living Above the Store

The density and infrastructure of many inner suburbs (continue to) lend themselves to more urban – and sustainable – living.

The Williamsburg Elixir

Mark Firth, who co-owns Marlow & Sons, a popular café–gourmet store, agrees: “We definitely have a crew of older regulars. When we first opened, it was mostly under 30.”

Some of us are just getting old, Mark.

Rose Plaza: Then

mollenhauer.jpg

Mollenhauer Sugar Refining Co. (between South 10th Street and Division Avenue)
Source: King’s Views of Brooklyn, 1905


The photo above (click for a larger image) shows the Rose Plaza site as it looked 105 years ago. The building the “M” on the smokestack is the main refinery of the Mollenhauer Sugar Refining Company, and was located on Kent Avenue between Division Avenue and South 11th Street. The shorter building to the left on the river (technically on Wallabout Channel), a warehouse for the sugar refinery, was between South 10th and South 11th Streets.

The tall building beyond the warehouse is probably part of the Brooklyn Distilling Co., which once occupied the site where Schaefer Landing now sits. To the right of the Mollenhauer refinery is a building with a small tower and a mansard roof – that is one of the buildings of the former McLoughlin Brothers printing company. The building still stands on Wythe between Division and South 11th (it is now artists live/work lofts).



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Broadway Triangle Vote Postponed

Juliet Linderman has the latest on the Broadway Triangle – which is that it is still stuck in Council subcommittees. This is datelined yesterday, so it is possible that there was a vote today (Thursday). If so, I haven’t seen anything yet.

Basically, the Council is still negotiating with itself, choosing sides over the issue. Diana Reyna continues to push her colleagues to deny the project outright, while other council members seem to be trying to find modifications that will make the project better (here’s a hint – the Community Board had a number of good modifications that would make the rezoning a lot better).

Reyna seems to be letting her passion for the issue overtake the facts. In the article, Reyna is quoted as saying “This plan isn’t about planning for a community, it’s about pushing through a political deal… It hasn’t taken into account an overcrowded elementary school…or corporations like Pfizer that promise jobs”. Unfortunately, if Pfizer is promising jobs, they aren’t in Brooklyn – the company has closed up shop here after 150 years, and is taking 1,200 jobs out of the community. (I don’t think the numbers support her statement on schools either, but I’m not so well-versed in that area.) The other night, Reyna told CB1 that the Broadway Triangle rezoning would result in “only 150” units of affordable housing. The actual number – affordable units to be developed on city-owned sites – is at least 488 and may be as high as 650.

Reyna is right to criticize the process. The sole-sourcing of city-owned sites to UJO and RBSCC is wrong, and it should have been an open process1. And those are issues that Council could take up. But on the other stuff, she should get her facts in order.

1.Not that HPD’s open processes work to the community’s advantage. HPD has a host of RFPs still unawarded, including Greenpoint Hospital (the RFP for which was issued almost three years ago). And the RFPs that have been awarded recently have all gone to private developers from outside the neighborhood – not local non-profit developers. The latest are the four small sites that were awarded to Yuco Development – one at Bedford and South 4th, the other three in the Maujer/Ten Eyck area. A number of local non-profits were vying to develop those sites. So sole-sourcing might suck, but an open RFP process doesn’t always help local developers or non-profits.



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