Dive Brief:
- Developers have officially submitted plans for a 1,066-foot, 73-story rental apartment tower in Brooklyn, according to The New York Times. If approved and completed, the "supertall" skyscraper would be the tallest building in Brooklyn by far.
- SHoP Architects, who also designed the Barclays Center, said the tower’s design will incorporate the existing Brooklyn Dime Savings Bank next door and will include nearly 500 units — 20% of which will be set aside as affordable housing — as well as a bronze-accented glass facade and hexagonal shape.
- Pushback against the project, based on its height, has already begun, but others are critical of the demolition of the bank next door, a designated historical landmark, The Times reported. The city’s Landmarks Preservation Commission must approve alterations to the bank, but the Brooklyn Community Board land-use committee unanimously approved the plan.
Dive Insight:
Downtown Brooklyn has seen increased construction activity over the last 10 years, according to The Times, and developers have built 6,758 apartments there in the last decade, with 5,254 currently under construction and 7,790 more planned.
Jonathan Miller, of president appraisal firm Miller Samuel, told The Times that although Brooklyn has evolved to support various types of housing, the coming glut of units, combined with a softening in luxury housing demand, might mean the tower will be hard to fill.
Miller said rents for the most expensive apartments in Brooklyn fell 6% in January, on a year-over-year basis, to $5,163 per month.
Others are critical of what Gizmodo called a "futuristic" building due to their dislike of the skyscraper trend. "Does the public really understand what the cumulative effect of all these towers will be on the public realm?" Gina Pollara, president of the Municipal Art Society, told The Times.
However, some residents and business groups see the tower as progress and are hoping it will make its way through the approval process.
This news comes the same week developer Greenland Forest City announced its plans for the largest office tower in Brooklyn. The deal hinges on developers being able to secure rights to build a tower on the site, but, if approved, it would go a long way in addressing the need for office space during a time of record-breaking low office vacancy rates.