As a borough, Brooklyn has long been staunchly proud of its uniqueness within the metropolis of New York City. Being a borough where individuals have historically lived rather than worked, tall buildings (200+ feet), while they are found in areas such as Downtown Brooklyn, have never been constructed on anywhere near the scale as that in Manhattan. Recent activity across the East River may bring change to this paradigm, however. Much like the setting found in such places as Hong Kong and Seoul, Manhattanites may soon be facing a 1000+ foot tower on both sides of the river.
If completed, the tower could be one of the culminations of the recent building trend in New York City, which unlike boom eras of the past has included Brooklyn more than ever before. To illustrate this trend, from 1929 to 2009 the tallest building in Brooklyn was the 512-foot Williamsburgh Savings Bank Tower (recently converted to residential units). However, in rapid succession the title of Tallest Building in Brooklyn has been passed to the residential towers The Brooklyner (514 ft; 2009-13), 388 Bridge Street (590 ft; 2013-15), and AVA DoBro (596 ft; 2015-present). The title will once again change hands in 2016, when The Hub is completed. In 2014, JDS Development and the Chetrit Group acquired a triangular parcel of land for $46 million that abuts the historic Dime Savings Bank building in Downtown Brooklyn. In December 2015, the developers completed the acquisition of the ornate Beaux-Arts bank building, until last year a branch of JPMorgan Chase, for $90 million. The incorporation of the bank property gave the developers roughly 300,000 square feet of air rights that will allow the tower’s spire to break the 1000-foot mark. Thus, in late 2015 the group unveiled plans for a sleek 73-story, 1066-foot mixed use tower for the site, which would be nearly twice as tall as anything built in Brooklyn to date. The proposed tower would be near one of the borough’s most important intersections, the corner of Flatbush Avenue Extension and the Fulton Street Mall.
Unlike the supertall condominium and mixed-use towers currently rising along 57th street in Manhattan, Brooklyn’s new tall buildings consist of primarily rental apartments. As of this writing, the group was proposing the configuration to be 550 residential units atop 140,000 square feet of commercial space. In the case of this building, the developers also applied for New York City’s 421 incentive program before its expiration in 2015. The program provides tax breaks for including subsidized apartments in luxury buildings, and the development group would set aside at least 20 percent of the units as affordable housing.
The project still faces regulatory hurdles. City and Borough regulations allow a 1,000-plus foot tower to be built along Flatbush Avenue without any special approvals from the city. However, as a historic landmark the 1906-built Dime Savings Bank building cannot be razed, and the Landmarks Preservation Commission must approve any alterations to the structure. However, the developers have proposed to use the soaring interior spaces of the bank for shops. Comparing the project to another supertall that incorporates a protected space, Crain’s New York suggested that the space could be used in a similar manner to how JDS’s 1428-foot Steinway Tower, currently under construction at 111 West 57th street in Manhattan, will incorporate the historic Steinway & Sons piano showroom. A hearing before the commission is currently scheduled for March 15.
The project could also potentially face economic headwinds if the market settles from its torrid pace of recent years. Ever since the borough rezoned Downtown Brooklyn in 2004, the neighborhood has been in-near continuous evolution, even during the recession of 2007-09. According to Curbed New York, more than 6,758 apartments have been built since then, with 5,254 under construction and an additional 7,790 in the planning stages. Additionally, rental prices in select Brooklyn neighborhoods have already surpassed those of Manhattan. With prices high, so many units in the pipeline, and demand for luxury rentals softening, the tower could be difficult to fill. According to Streeteasy.com rents for the most expensive apartments in Brooklyn fell 6 percent in January from a year earlier, to $5,163 per month.
