Open Thread Wednesday

By on March 6, 2024 12:37 am in open thread

What’s on your mind? Comment away!

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  • Toast

    Hey yall! Any updates on the Hotel Bossert auction?

  • Karen and Chad

    The latest update at the BHA annual meeting was that no one has any clue what’s going on. There was supposed to be an auction two weeks ago, but BHA leadership believes it did not happen.

    What’s frustrating to me is that the attitude appears to be wait and see by both the BHA and CM Restler and other elected officials. This will be a recipe for disaster as we wait for our destiny to be set.

    I would much prefer if our elected officials and association leadership took a proactive stance to say here’s what we think should go into the Bossert, now, let’s make it happen. It would be so easy to mobilize the neighborhood if someone took up the leadership mantle. Right now there’s an empty space when it comes to the Bossert and our leadership is tired and frustrated after so many false starts in the past ten years. Nevertheless, no one said leadership is easy or being an elected official is easy, but this is where they can have an impact.

    Moreover, I agree with Nomcembo’s comments that we’ve lost sight of what’s important for the neighborhood and are focusing on too many distractions and missing the big picture outside of the BQE: Bossert, Middle School, empty storefronts.

  • Cranberry Beret

    How do you propose to “mobilize the neighborhood” to make something better happen with the Bossert?

    Bake sale? Lemonade stand?

    Back to the real world. It’s a $100 million+ piece of real estate stuck in a battle between a probably-insolvent owner and Wells Fargo who’s trying to minimize big losses on their mortgage.

  • Karen and Chad

    Cranberry, I think you make a fair point that it’s all about the money. In fact, I agree with everything you said (including the sarcasm, which I appreciate) Yes, Wells and Chetrit are trying to maximize their own outcomes. That is all true.

    However, you underestimate the power of a welcoming community to cut through regulation and community approvals and what that means to developers. The last thing a developer wants is to buy a property and then have it sit fallow or not be able to develop it in the way they want or in the timeframe they want because of community opposition. Time is money for developers and the fact that the Bossert sits in an activist neighborhood means that nothing’s easy and neighbors will rally (and spend $ to oppose something) if they want to fight it in court.

    If on the other hand, our neighborhood leadership said, hey, BK Heights would welcome a hotel to the neighborhood, and we actually solicited or invited developers to bid on the property, there is would be a palpable difference in bids.

    My point is that right now we are passengers in a car, letting someone else drive vs. taking the steering wheel and determining our own path forward.

    Wells wants more money and bids will be higher if there was a welcoming neighborhood with a welcomed developer and plan

  • Nomcebo Manzini

    I’m with C.B. – minus her serpent’s tongue – on this one. But I think y’all may be missing one obvious thing & getting another key one wrong.

    Surely, someone – esp. a City Councilman – could answer the question as to whether an auction was held, postponed, cancelled, etc. (The first IS possible if there had been a reserve price not met – or something like that.)

    But Cherit is probably not at all at any big risk. Have you ANY idea what his/their portfolio is worth? And Trump’s occasional bankruptcies prove that realtors hire (and generally pay) good attorneys to limit the risks of a bad investment from REALLY impacting them or even their ability to borrow plenty while property X is circling the drain.

    Last, he/they have only a tiny amount (at least that’s “normal” to a 99% level) of skin in the game. And while Wells Fargo is not as big in the East as in the West, I very much doubt that (a) they’re “troubled”; or (b) this is more than a rounding error in terms of their portfolio.

    It’s kind of a miracle that a non-profit was able to buy – and currently operates – the building across from Etsy’s hdqtrs. Pigs will fly before a viable hotel property – however “troubled” – in Central BHts gets converted to an SRO or anything like that. Worry about the Nov. election…. or a not at all bright crook as NYC’s CEO – those are REAL problems. The Bossert’s future is the furthest thing from that.

  • Nosey Neighbor

    Is “Nomcebo Manzini” sock puppeting again? I lost track of all their other names, but the long, nonsensical posts are a giveaway. At least they stopped the irregular punctuation.

    I like the name “Karen and Chad” though since fits better and doesn’t steal the identity of someone else

  • Effective Presenter

    LOL!

    Bake sale

    Lenomade stand.

  • Andrew Porter

    Pitchforks. Flaming torches.

  • Andrew Porter

    Robert Moses’s solution to those ugly crime-ridden old houses in Brooklyn Heights:
    https://uploads.disquscdn.com/images/25ab6a784c77824afbdb52a589ba20884540f4fd481065e195f18092b5a987cc.jpg

  • Andrew Porter

    And, of course, those old houses are a breeding source for crime (and creativity, but no one ever mentioned that):
    https://uploads.disquscdn.com/images/052c906cf2bcfe84913a32575de7aca9eb4b442ffc9d4a79db5873d67e3721ea.jpg

  • Banet

    1. I’ve been told by a friend who’s a real estate developer that the auction was called off at the last minute. Apparently the holder of the mezzanine debt decided to try and sell their loan, but they maybe don’t have the ability to force a sale of all the debt? The holder of the mezzanine debt is shopping it around through a big-deal firm called Hodges Ward Elliott (the same firm that was going to hold the auction).

    2. Regardless of how much cash Chetrit personally invested in the project, he very well may have guaranteed the loan personally. So while he may have very deep pockets, he also may have a tremendous amount to lose.

  • Nosey Neighbor

    Wonderful fear mongering about affordable housing, when you, Mr Porter, live in government-mandated affordable housing.

    You dislike buildings replacing brownstones, but you, Mr Porter, live in an apartment building that replaced brownstones.

    In fact, the building you live in would be illegal to build today because of the neighborhood’s height restrictions.

    No wonder the kids these days have lost faith in the system when people like you insist on denying them the same things you benefited from and then gloat with these dog-whistle posts.

  • Nomcebo Manzini

    FWIW, he had owned the Chelsea Hotel about 10 years ago. That one has lots of occupants; i.e., it was far from a conventional hotel. He started doing major renovations, got into litigation with residents & sold it after owning it 2-3 years. There are 2 entities called Chetrit, and from I’ve read, they do literally $Billion+ in deals most years, very seldom holding anything more than 5 years.

    I suspect you know MORE about R.E. than I do, but I’d give you 3-to-1 odds that there’s no personal guarantee involved.

  • Banet

    Or, with a long history of success, he made the mistake of thinking he was invincible and guaranteed the loan. Banks are not interested in owning these buildings. They pretty much always require a guarantee on a loan for an undeveloped asset. If the bank sells the building at auction, he could very well be on the hook for whatever the difference is between what it’s sold for and what he owes them. And what he owes them is going up every month as the loan’s interest accumulates.

  • Andrew Porter

    My building was built in 1883, and it’s now a co-op. And I’m sure that lots and lots of buildings in BH are taller than 50 feet.

    I see you have the courage to post under your real name—not!

  • Red Leader

    Philadelphia cream cheese is $2 more at Grosstedes than Key Foods. What a bunch of criminals. How anyone shops there is beyond me. Never again!

  • gc

    Better prices at Key Food on Atlantic Ave and Clinton Street can easy walk!

    D

  • Effective Presenter

    The high price of groceries will determine the next President of the United States

    Don’t shoot the messenger!

  • Effective Presenter

    Better prices in the suburbs and down the Jersey Shore

  • Karen and Chad

    Heard that the Cadman Plaza entrance to the High Street A/C maybe be closing on March 18th through the end of the summer to finish escalator construction. Entry to the subway would be from Adams Street — can anyone confirm?

  • Red Leader

    That’s not the issue here. Stay focused.

  • Banet

    Councilman Restler just emailed about that. Yes, it’s closing in mid-March… but only for 4 or 5 weeks. It opens in April (allegedly).

  • Nomcebo Manzini

    I’m going to guess that more than half of High St.-starting trips entail a change-at-Fulton for the Lex., so I believe the “smart” adjustment is to walk to Boro Hall. If it’s rush hour, of course, a case can be made for what’s essentially a free bus ride from places like Old Fulton St. to the 4/5 stop.

    One hopes, too, that the work on the Northern part of Cadman Park will be done by then. The current path by the statue of Mr. Cadman is not well lit nor really adequate if many people are heading to the Adams St. entrance using that route.

  • clarknt67

    I don’t honestly see where CM Restler or BHA have much accountability here. It’s a privately owned piece of property. Sure they can rally the community around a future. But it’s probably naive to assume they can find consensus. The posts on this his board alone can’t even agree if it should return to hotel or housing, and if housing, what type?

    Regardless what consensus they might be able to find, who will pay to bring it to fruition? Obviously private capital. And hence community sentiment takes backseat. Involving public funds is another even more fiery Pandora’s box.

  • clarknt67

    FWIW Lincoln Restler told me about a year ago the building is no longer zoned for short term hotel. I guess the last developer went bust before crossing that bridge.

    I personally think a hotel is ideal (among realistic futures) but am not confident the neighborhood agrees.

  • clarknt67

    TBF, the renovated hotel announced a grand opening date, was even listed on booking sites. The date was March 2020. That would throw a wrench in even the best laid plans.

  • clarknt67

    Hate the message. Love the design.

  • Andrew Porter

    Canadian Bacon: $5.99 there, $3.99 at Key.

    I’ve begun to shop there for one or two items when they’re not available at Key or the former Peas & Pickles, or it’s a miserable day out.

    I think they’re also catering to older residents of the building above them, and to students at the St. George dorms who don’t know any better.

  • Andrew Porter

    The BHA posted:

    “The next phase of the High Street A C station escalator replacement project is beginning.

    “In order to keep passengers safe from construction, the Cadman Plaza West side of the station will be closed and unavailable for customer usage from March 18th until the end of April 2024.

    “During this time, the station will still be open for subway service, but all access to the station will be provided at the Adams Street side of the station. Signage will be posted at the station in advance of this phase.

    “The full project is still on track to be completed in early Summer 2024.”

    I suspect the most impact will be on tourists, who take the train there only to walk back to Manhattan over the Brooklyn Bridge, or are visiting DUMBO.

  • Sandy McCroskey

    All the things I buy at Key Foods are cheaper at the one on Montague St. I go to Trader Joe’s for Half ’n’ Half to save 49 cents per quart! Needless to say, I never go to Gristede’s.

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