According to an article in this morning's Metro, the city of Brooklyn is looking to sell the land under the former Albee Square Mall for "$100 million less than they reportedly paid to lease it this winter." In 2001, developer Joseph Sitt bought the long-term lease and promised to turn into an "Italian palazzo…complete with tuxedoed greeters and national chain stores." This plan (obviously) never came into fruition, and in 2004 the city rezoned the area to accommodate the potential for greater commercial development.
Sitt recently sold the lease to Albee Development LLC for $120 million, and future plans call for a "high-rise housing, hotel, retail and office complex" – of which 20% will include affordable housing.
Several have already reacted negatively to the loss of city land and the surge in real estate prices. Do you think these plans will come into fruition? What do you think Downtown Brooklyn could benefit most from?
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