08/20/08

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Catsimatidis' stalled Brooklyn project breaks ground

Catsimatidis' Myrtle Avenue project

Developer John Catsimatidis has re-started a big development in the Downtown Brooklyn-Fort Greene area that he had put on hold because of a lack of financing, one of the most notable projects that had been stalled by the credit crunch.

Catsimatidis said in a statement that ground has been broken on the first phase of the Myrtle Avenue project, which will build 85,000 square feet of market-rate apartments and about 22,000 square feet retail space.

When finished, the project will include three low-rise buildings bounded by Ashland Avenue and Prince Street, and a high-rise tower between Prince Street and Flatbush Avenue.

The first phase will likely include a pharmacy and supermarket, which residents had requested. Catsimatidis, the billionaire head of Red Apple and a likely candidate for mayor, is financing the first phase with personal funds and market-rate bank financing.

Plans for affordable housing in the two low-rise buildings are still on hold because tax-exempt bonds aren't available.

In April, The Real Deal reported on stalled or cancelled condo projects in Downtown Brooklyn. TRD